Rakuten Securities Inc. Invests $3.76 Million in IonQ, Inc. (NYSE:IONQ)

Rakuten Securities Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 90,046 shares of the company’s stock, valued at approximately $3,761,000. IonQ accounts for 1.5% of Rakuten Securities Inc.’s investment portfolio, making the stock its 9th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chevy Chase Trust Holdings LLC acquired a new stake in shares of IonQ during the 4th quarter worth about $32,060,000. Capital Advisors Inc. OK purchased a new position in IonQ in the fourth quarter valued at approximately $18,976,000. UNICOM Systems Inc. purchased a new position in IonQ in the fourth quarter valued at approximately $18,106,000. Raymond James Financial Inc. acquired a new stake in IonQ in the fourth quarter valued at approximately $10,768,000. Finally, Main Management ETF Advisors LLC acquired a new stake in IonQ in the third quarter valued at approximately $1,865,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IONQ. The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Craig Hallum raised 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. Benchmark decreased their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One investment 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 MarketBeat, the stock has an average rating of “Buy” and an average target price of $44.80.

Insider Buying and Selling at IonQ

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

IonQ Stock Performance

IONQ stock opened at $18.68 on Wednesday. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -23.06 and a beta of 2.50. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74. The stock’s fifty day moving average is $35.31 and its two-hundred day moving average is $25.67.

IonQ 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.