Lake Street Advisors Group LLC Makes New Investment in IonQ, Inc. (NYSE:IONQ)

Lake Street Advisors Group LLC bought a new position in IonQ, Inc. (NYSE:IONQ) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 10,248 shares of the company’s stock, valued at approximately $428,000.

Other institutional investors also recently modified their holdings of the company. Chevy Chase Trust Holdings LLC purchased a new position in IonQ in the fourth quarter worth $32,060,000. Capital Advisors Inc. OK bought a new stake in shares of IonQ during the 4th quarter worth $18,976,000. UNICOM Systems Inc. purchased a new position in shares of IonQ in the 4th quarter worth about $18,106,000. Yong Rong HK Asset Management Ltd bought a new position in IonQ during the third quarter valued at about $3,749,000. Finally, Main Management ETF Advisors LLC purchased a new stake in IonQ during the third quarter worth about $1,865,000. 41.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IONQ. Benchmark dropped their target price on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday. The Goldman Sachs Group raised their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Finally, Craig Hallum lifted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $44.80.

IonQ Price Performance

Shares of IONQ stock opened at $24.91 on Friday. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of -30.75 and a beta of 2.41. The company’s fifty day simple moving average is $38.99 and its two-hundred day simple moving average is $24.63. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74.

Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Hume Chapman sold 13,106 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the completion of the sale, the chief executive officer now directly owns 414,363 shares in the company, valued at approximately $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by corporate insiders.

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.