KLP Kapitalforvaltning AS Acquires New Stake in IonQ, Inc. (NYSE:IONQ)

KLP Kapitalforvaltning AS bought a new stake in IonQ, Inc. (NYSE:IONQ) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 38,700 shares of the company’s stock, valued at approximately $1,616,000.

A number of other institutional investors have also recently made changes to their positions in IONQ. Pathway Financial Advisers LLC bought a new position in IonQ in the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC lifted its position in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after acquiring an additional 501 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of IonQ in the fourth quarter worth $34,000. City State Bank purchased a new position in shares of IonQ in the fourth quarter valued at $36,000. Finally, Hemington Wealth Management bought a new stake in shares of IonQ during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insider Buying and Selling at IonQ

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction 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 transaction, the insider now owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This trade represents a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William F. Scannell purchased 93,066 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the purchase, the director now directly owns 135,047 shares of the company’s stock, valued at $2,945,375.07. The trade was a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 2,033,166 shares of company stock worth $38,059,593 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

IonQ Stock Performance

IonQ stock opened at $22.92 on Friday. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The firm’s fifty day moving average price is $31.35 and its 200-day moving average price is $26.89. The stock has a market cap of $5.11 billion, a P/E ratio of -28.30 and a beta of 2.50.

Analyst Ratings Changes

IONQ has been the subject of a number of recent analyst reports. DA Davidson raised IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 target price on shares of IonQ in a 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 company a “neutral” rating in a report on Friday, January 10th. Craig Hallum upped 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. Finally, Benchmark dropped their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One research 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. According to data from MarketBeat, IonQ presently has a consensus rating of “Buy” and a consensus price target of $44.80.

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.