Norges Bank Takes Position in IonQ, Inc. (NYSE:IONQ)

Norges Bank purchased a new position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 145,977 shares of the company's stock, valued at approximately $6,097,000. Norges Bank owned 0.07% of IonQ at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Pathway Financial Advisers LLC acquired a new position in IonQ during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC increased 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 in the last quarter. Golden State Wealth Management LLC acquired a new position in IonQ during the 4th quarter worth approximately $34,000. City State Bank bought a new position in IonQ in the 4th quarter valued at approximately $36,000. Finally, Hemington Wealth Management acquired a new stake in IonQ in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 41.42% of the company's stock.

Insider Transactions at IonQ

In other news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William F. Scannell bought 93,066 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following 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 sold 2,033,166 shares of company stock worth $38,059,593 over the last ninety days. 11.60% of the stock is owned by insiders.

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IonQ Stock Up 0.6 %

IONQ traded up $0.15 during midday trading on Friday, hitting $26.04. 15,757,646 shares of the company were exchanged, compared to its average volume of 15,730,296. The firm has a market capitalization of $5.80 billion, a P/E ratio of -32.14 and a beta of 2.50. The firm's 50 day moving average price is $27.29 and its 200-day moving average price is $28.36. IonQ, Inc. has a 1-year low of $6.22 and a 1-year high of $54.74.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. DA Davidson upgraded IonQ to a "strong-buy" rating in a research note on Thursday, February 20th. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 target price on shares of IonQ in a research 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. Craig Hallum upped their price objective on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, Benchmark reiterated a "buy" rating and issued a $45.00 price objective on shares of IonQ in a report on Monday, March 31st. One research 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 MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price 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.