Insider Buying: IonQ, Inc. (NYSE:IONQ) Director Acquires $2,029,769.46 in Stock

IonQ, Inc. (NYSE:IONQ) Director William F. Scannell acquired 93,066 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares of the company’s stock, valued at approximately $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

IonQ Stock Performance

NYSE:IONQ opened at $25.16 on Friday. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -31.06 and a beta of 2.50. The firm’s 50-day simple moving average is $34.02 and its 200 day simple moving average is $25.73.

Hedge Funds Weigh In On IonQ

Several hedge funds have recently bought and sold shares of IONQ. Pathway Financial Advisers LLC bought a new position in IonQ in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC increased its holdings in IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares during the period. Measured Risk Portfolios Inc. bought a new position in IonQ in the 4th quarter valued at about $27,000. TD Waterhouse Canada Inc. bought a new position in IonQ in the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in IonQ in the 4th quarter valued at about $34,000. 41.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IONQ shares. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Benchmark lowered their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Finally, Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IonQ presently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Company Profile

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.