Franklin Resources Inc. Purchases Shares of 37,476 IonQ, Inc. (NYSE:IONQ)

Franklin Resources Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,476 shares of the company's stock, valued at approximately $1,565,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PDS Planning Inc grew its holdings in IonQ by 2.6% during the 4th quarter. PDS Planning Inc now owns 11,829 shares of the company's stock worth $494,000 after acquiring an additional 300 shares during the last quarter. Allworth Financial LP grew its stake in shares of IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company's stock worth $116,000 after purchasing an additional 363 shares during the last quarter. GAMMA Investing LLC increased its holdings in IonQ by 73.2% in the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company's stock valued at $47,000 after purchasing an additional 480 shares during the period. Smartleaf Asset Management LLC raised its position in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock worth $27,000 after purchasing an additional 501 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in IonQ during the 4th quarter worth about $26,000. Institutional investors and hedge funds own 41.42% of the company's stock.

IonQ Price Performance

Shares of IonQ stock traded down $0.84 during trading on Wednesday, reaching $24.56. 9,667,954 shares of the company traded hands, compared to its average volume of 15,732,598. The firm has a market capitalization of $5.47 billion, a PE ratio of -30.32 and a beta of 2.50. The company has a 50 day moving average price of $26.63 and a 200-day moving average price of $28.45. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

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Insider Activity

In related news, CFO Thomas G. Kramer sold 11,712 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares of the company's stock, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive now owns 592,615 shares in the company, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Company insiders own 11.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on IONQ shares. Needham & Company LLC restated a "buy" rating and set a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. Craig Hallum boosted their price target 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. The Goldman Sachs Group upped their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. DA Davidson lowered their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday. Finally, Benchmark reaffirmed a "buy" rating and set a $45.00 price target on shares of IonQ in a research report on Monday, March 31st. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $41.80.

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.