IonQ, Inc. (NYSE:IONQ – Get Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $22.68, but opened at $23.59. IonQ shares last traded at $23.04, with a volume of 3,123,892 shares traded.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on IONQ shares. Benchmark cut their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group boosted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Finally, Craig Hallum boosted their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $44.80.
Read Our Latest Stock Analysis on IonQ
IonQ Stock Down 0.4 %
Insider Activity at IonQ
In other IonQ news, CRO Rima Alameddine sold 1,407 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total transaction of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last 90 days. 11.60% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On IonQ
A number of hedge funds have recently modified their holdings of IONQ. LMR Partners LLP purchased a new position in shares of IonQ during the third quarter worth approximately $874,000. Prospera Financial Services Inc grew its position in shares of IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares during the last quarter. Moors & Cabot Inc. purchased a new position in shares of IonQ during the third quarter worth approximately $92,000. Intech Investment Management LLC purchased a new position in shares of IonQ during the third quarter worth approximately $381,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after acquiring an additional 135,851 shares during the last quarter. 41.42% of the stock is currently owned by hedge funds and other institutional investors.
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.
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