Arete Wealth Advisors LLC Sells 2,300 Shares of IonQ, Inc. (NYSE:IONQ)

Arete Wealth Advisors LLC lowered its stake in IonQ, Inc. (NYSE:IONQ) by 22.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,090 shares of the company’s stock after selling 2,300 shares during the quarter. Arete Wealth Advisors LLC’s holdings in IonQ were worth $338,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of IonQ by 1,310.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company’s stock valued at $103,095,000 after acquiring an additional 2,293,231 shares during the period. Chevy Chase Trust Holdings LLC bought a new position in shares of IonQ in the fourth quarter worth $32,060,000. Arrowstreet Capital Limited Partnership bought a new position in shares of IonQ in the fourth quarter worth $29,513,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of IonQ in the fourth quarter worth $19,242,000. Finally, Capital Advisors Inc. OK purchased a new position in IonQ during the fourth quarter worth about $18,976,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

Shares of IonQ stock opened at $20.61 on Monday. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74. The company has a fifty day moving average of $29.47 and a 200-day moving average of $27.70. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -25.44 and a beta of 2.50.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Benchmark reiterated a “buy” rating and set a $45.00 price target on shares of IonQ in a research report on Monday, March 31st. 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. Craig Hallum raised their price objective on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $44.80.

Insider Buying and Selling at IonQ

In related news, Director William F. Scannell acquired 93,066 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the purchase, the director now owns 135,047 shares in the company, valued at $2,945,375.07. This trade represents a 221.69 % increase in their position. The acquisition 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 IonQ stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the completion of the transaction, the executive now directly owns 592,615 shares in the company, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last three months. Company insiders own 11.60% 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.