Ramirez Asset Management Inc. Sells 1,750 Shares of IonQ, Inc. (NYSE:IONQ)

Ramirez Asset Management Inc. reduced its position in shares of IonQ, Inc. (NYSE:IONQ) by 50.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,750 shares of the company’s stock after selling 1,750 shares during the period. Ramirez Asset Management Inc.’s holdings in IonQ were worth $73,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IONQ. JPMorgan Chase & Co. raised its holdings in 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. Chevy Chase Trust Holdings LLC bought a new stake in IonQ during the 4th quarter valued at approximately $32,060,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of IonQ during the 4th quarter worth approximately $19,242,000. Capital Advisors Inc. OK bought a new position in shares of IonQ in the 4th quarter worth approximately $18,976,000. Finally, UNICOM Systems Inc. bought a new stake in shares of IonQ during the fourth quarter valued at approximately $18,106,000. 41.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IONQ. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark lowered their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group lifted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Finally, DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Trading Down 4.7 %

NYSE:IONQ opened at $23.63 on Friday. The company has a market cap of $5.26 billion, a PE ratio of -29.17 and a beta of 2.50. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The company has a 50 day simple moving average of $31.67 and a two-hundred day simple moving average of $26.78.

Insiders Place Their Bets

In other IonQ news, insider Peter Hume Chapman sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the sale, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $372,272.79. Following the transaction, the executive now owns 572,568 shares in the company, valued at approximately $10,632,587.76. This trade represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Insiders own 11.60% of the company’s stock.

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.