Insider Buying: IonQ, Inc. (NYSE:IONQ) Director Purchases 93,066 Shares of Stock

IonQ, Inc. (NYSE:IONQ) Director William F. Scannell purchased 93,066 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now owns 135,047 shares in the company, valued at $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

IonQ Price Performance

IonQ stock traded up $3.13 during mid-day trading on Wednesday, reaching $21.83. 26,933,124 shares of the stock traded hands, compared to its average volume of 14,027,465. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The business’s 50-day moving average is $34.91 and its 200-day moving average is $25.64. The stock has a market capitalization of $4.86 billion, a PE ratio of -26.94 and a beta of 2.50.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group upped 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. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reduced their target price on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. DA Davidson raised IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $44.80.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently made changes to their positions in IONQ. Vanguard Group Inc. grew its position in IonQ by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company’s stock valued at $892,797,000 after buying an additional 125,144 shares during the period. Geode Capital Management LLC grew its position in shares of IonQ by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company’s stock valued at $186,593,000 after acquiring an additional 45,942 shares during the period. State Street Corp increased its stake in shares of IonQ by 1.8% in the 3rd quarter. State Street Corp now owns 4,260,880 shares of the company’s stock worth $37,240,000 after purchasing an additional 75,596 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of IonQ by 1,310.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock worth $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in IonQ by 12.6% in the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company’s stock worth $80,809,000 after purchasing an additional 216,752 shares during the period. Hedge funds and other institutional investors own 41.42% 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.