Rakuten Securities Inc. Buys New Stake in IonQ, Inc. (NYSE:IONQ)

Rakuten Securities Inc. bought a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 90,046 shares of the company's stock, valued at approximately $3,761,000. IonQ comprises approximately 1.5% of Rakuten Securities Inc.'s portfolio, making the stock its 9th largest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new stake in shares of IonQ in the fourth quarter worth $26,000. Smartleaf Asset Management LLC increased its stake in shares of IonQ by 421.0% in 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 during the period. Golden State Wealth Management LLC acquired a new stake in shares of IonQ in the fourth quarter worth $34,000. City State Bank acquired a new stake in IonQ during the fourth quarter valued at $36,000. Finally, Hemington Wealth Management acquired a new stake in IonQ during the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 41.42% of the company's stock.

IonQ Price Performance

IONQ stock opened at $18.68 on Wednesday. The company has a fifty day moving average price of $35.31 and a 200 day moving average price of $25.67. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The company has a market cap of $4.16 billion, a price-to-earnings ratio of -23.06 and a beta of 2.50.

Insiders Place Their Bets

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the company's 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 directly owns 414,363 shares of the company's stock, valued at $7,756,875.36. This represents a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total transaction of $29,828.40. Following the transaction, the executive now directly owns 592,615 shares in the company, valued at approximately $12,563,438. This trade represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

IONQ has been the topic of several research analyst reports. Craig Hallum lifted their target price on shares of IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, December 20th. DA Davidson raised shares of IonQ to a "strong-buy" rating in a research note on Thursday, February 20th. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group lifted their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. Finally, Benchmark lowered their price target on shares of IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, IonQ has an average rating of "Buy" and an average target price of $44.80.

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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.

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