Fagan Associates Inc. Has $463,000 Stock Position in IonQ, Inc. (NYSE:IONQ)

Fagan Associates Inc. lowered its stake in IonQ, Inc. (NYSE:IONQ) by 13.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,086 shares of the company’s stock after selling 1,650 shares during the period. Fagan Associates Inc.’s holdings in IonQ were worth $463,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its stake in shares of IonQ by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 61,481 shares of the company’s stock valued at $2,568,000 after acquiring an additional 8,800 shares during the last quarter. Truist Financial Corp bought a new position in shares of IonQ during the fourth quarter valued at $417,000. CIBC Asset Management Inc bought a new position in shares of IonQ during the fourth quarter valued at $271,000. Sanctuary Advisors LLC bought a new position in shares of IonQ during the fourth quarter valued at $998,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of IonQ during the fourth quarter valued at $3,144,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred 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 trade represents a 3.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares of the company’s stock, valued at approximately $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 in the last quarter. 11.60% of the stock is currently owned by company insiders.

IonQ Stock Down 9.7 %

Shares of IONQ stock opened at $33.83 on Wednesday. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The firm has a 50 day moving average of $39.77 and a 200-day moving average of $23.71.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IONQ. Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. 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 report on Friday, December 20th. Needham & Company LLC raised their price target on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. DA Davidson began coverage on shares of IonQ in a report on Thursday, December 19th. They set a “buy” rating and a $50.00 price target for the company. Finally, 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 report on Friday, January 10th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, IonQ currently has an average rating of “Moderate Buy” and an average price target of $33.00.

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.