Savvy Advisors Inc. Buys New Stake in IonQ, Inc. (NYSE:IONQ)

Savvy Advisors Inc. purchased a new stake in IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,953 shares of the company’s stock, valued at approximately $207,000.

A number of other large investors have also recently bought and sold shares of the stock. Pathway Financial Advisers LLC acquired a new stake in IonQ during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of IonQ in the fourth quarter valued at about $34,000. City State Bank acquired a new position in IonQ during the 4th quarter worth about $36,000. Finally, Sandy Spring Bank grew its holdings in IonQ by 350.0% during the 4th quarter. Sandy Spring Bank now owns 900 shares of the company’s stock worth $38,000 after acquiring an additional 700 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Thomas G. Kramer sold 11,712 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares of the company’s stock, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction 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 completion of the sale, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last three months. Company insiders own 11.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IONQ. The Goldman Sachs Group boosted their target price 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. Benchmark reaffirmed a “buy” rating and set a $45.00 price objective on shares of IonQ in a report on Monday, March 31st. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Craig Hallum boosted 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 decreased their price target on IonQ from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IonQ presently has a consensus rating of “Moderate Buy” and an average target price of $41.80.

IonQ Stock Performance

Shares of IonQ stock opened at $25.41 on Wednesday. The firm has a fifty day moving average of $26.63 and a two-hundred day moving average of $28.45. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of -31.37 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74.

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.