Avantax Advisory Services Inc. Sells 2,943 Shares of IonQ, Inc. (NYSE:IONQ)

Avantax Advisory Services Inc. reduced its position in IonQ, Inc. (NYSE:IONQ) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,023 shares of the company’s stock after selling 2,943 shares during the quarter. Avantax Advisory Services Inc.’s holdings in IonQ were worth $2,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of IONQ. LMR Partners LLP bought a new position in shares of IonQ in the third quarter worth approximately $874,000. Prospera Financial Services Inc boosted its position in shares of IonQ by 196.1% during the third quarter. Prospera Financial Services Inc now owns 38,508 shares of the company’s stock worth $337,000 after acquiring an additional 25,502 shares during the last quarter. Moors & Cabot Inc. bought a new position in shares of IonQ during the third quarter worth $92,000. Intech Investment Management LLC bought a new position in shares of IonQ during the third quarter worth $381,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of IonQ by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock worth $14,107,000 after acquiring an additional 135,851 shares during the last quarter. 41.42% of the stock is currently owned by institutional investors.

Insider Activity

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 value of $217,491.84. Following the sale, the chief financial officer now owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The shares were 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 in the company, valued at approximately $12,563,438. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Craig Hallum upped their target price 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. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Benchmark decreased their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group upped their price target 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. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $44.80.

IonQ Stock Up 17.7 %

IonQ stock opened at $25.16 on Monday. The company has a market cap of $5.61 billion, a price-to-earnings ratio of -31.06 and a beta of 2.50. The firm’s fifty day moving average is $34.02 and its 200 day moving average is $26.00. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74.

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.