Lake Street Advisors Group LLC Purchases New Position in IonQ, Inc. (NYSE:IONQ)

Lake Street Advisors Group LLC acquired a new stake in IonQ, Inc. (NYSE:IONQ) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 10,248 shares of the company’s stock, valued at approximately $428,000.

A number of other hedge funds have also recently added to or reduced their stakes in IONQ. Creative Planning lifted its stake in shares of IonQ by 47.8% in the 3rd quarter. Creative Planning now owns 24,364 shares of the company’s stock valued at $213,000 after acquiring an additional 7,878 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new position in IonQ in the third quarter valued at about $3,749,000. Ground Swell Capital LLC bought a new position in IonQ in the third quarter valued at about $110,000. PDS Planning Inc acquired a new stake in shares of IonQ during the third quarter valued at about $101,000. Finally, Verity Asset Management Inc. grew its holdings in shares of IonQ by 12.4% during the third quarter. Verity Asset Management Inc. now owns 33,898 shares of the company’s stock worth $296,000 after purchasing an additional 3,736 shares during the last quarter. Institutional investors and hedge funds own 41.42% of the company’s stock.

IonQ Stock Down 16.8 %

Shares of NYSE IONQ opened at $24.91 on Friday. The company has a market capitalization of $5.39 billion, a PE ratio of -30.75 and a beta of 2.41. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74. The firm has a fifty day simple moving average of $38.99 and a 200 day simple moving average of $24.63.

Analyst Ratings Changes

A number of brokerages recently issued reports on IONQ. The Goldman Sachs Group raised their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a report on Thursday. Benchmark decreased their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $44.80.

Insiders Place Their Bets

In other IonQ news, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock worth $1,314,652. Company insiders own 11.60% of the company’s stock.

About IonQ

IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service.