State of New Jersey Common Pension Fund D Invests $3.14 Million in IonQ, Inc. (NYSE:IONQ)

State of New Jersey Common Pension Fund D acquired a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 75,266 shares of the company's stock, valued at approximately $3,144,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Allworth Financial LP increased its holdings in shares of IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company's stock valued at $116,000 after purchasing an additional 363 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in IonQ during the fourth quarter worth about $1,745,000. Rhumbline Advisers increased its holdings in IonQ by 9.2% in the fourth quarter. Rhumbline Advisers now owns 303,803 shares of the company's stock valued at $12,690,000 after buying an additional 25,577 shares in the last quarter. Blue Trust Inc. lifted its position in shares of IonQ by 665.9% during the 4th quarter. Blue Trust Inc. now owns 1,685 shares of the company's stock valued at $70,000 after acquiring an additional 1,465 shares during the period. Finally, Chevy Chase Trust Holdings LLC purchased a new stake in shares of IonQ during the 4th quarter worth approximately $32,060,000. Institutional investors and hedge funds own 41.42% of the company's stock.

Insider Activity

In other news, CRO Rima Alameddine sold 21,337 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the sale, the executive now directly owns 571,321 shares of the company's stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now directly owns 414,363 shares in the company, valued at $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,223 shares of company stock valued at $1,314,652 in the last 90 days. 11.60% of the stock is currently owned by insiders.

IonQ Stock Down 6.0 %

Shares of NYSE:IONQ traded down $2.01 during midday trading on Friday, reaching $31.74. The company's stock had a trading volume of 15,720,912 shares, compared to its average volume of 14,630,694. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of -39.18 and a beta of 2.40. The business has a 50 day moving average price of $39.89 and a 200 day moving average price of $24.03. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IONQ. DA Davidson raised IonQ to a "strong-buy" rating in a research note on Thursday. The Goldman Sachs Group raised 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. Benchmark upped their price target on shares of IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Needham & Company LLC raised their price objective on shares of IonQ from $13.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. One 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's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $33.00.

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.