Corient Private Wealth LLC Trims Holdings in IonQ, Inc. (NYSE:IONQ)

Corient Private Wealth LLC reduced its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 33.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,690 shares of the company’s stock after selling 3,310 shares during the period. Corient Private Wealth LLC’s holdings in IonQ were worth $279,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Chevy Chase Trust Holdings LLC acquired a new stake in shares of IonQ during the fourth quarter worth $32,060,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of IonQ in the 4th quarter worth $19,242,000. Capital Advisors Inc. OK acquired a new stake in shares of IonQ in the 4th quarter worth $18,976,000. UNICOM Systems Inc. purchased a new stake in shares of IonQ in the fourth quarter valued at about $18,106,000. Finally, Raymond James Financial Inc. acquired a new position in shares of IonQ during the fourth quarter worth about $10,768,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Stock Performance

Shares of IONQ stock opened at $22.13 on Tuesday. The stock has a fifty day moving average price of $31.01 and a 200 day moving average price of $27.27. The stock has a market cap of $4.93 billion, a PE ratio of -27.32 and a beta of 2.50. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74.

Insider Activity

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following the sale, the insider now owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at $12,563,438. The trade was a 0.24 % decrease in their position. 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 90 days. 11.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IONQ. Needham & Company LLC reaffirmed 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 price target on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum boosted their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark reiterated a “buy” rating and issued a $45.00 price target on shares of IonQ in a report on Monday. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $44.80.

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.