Chesapeake Capital Corp IL Takes Position in IonQ, Inc. (NYSE:IONQ)

Chesapeake Capital Corp IL acquired a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 16,966 shares of the company’s stock, valued at approximately $709,000.

Several other hedge funds have also modified their holdings of IONQ. Pathway Financial Advisers LLC purchased a new stake in IonQ during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC lifted its stake in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of IonQ during the 4th quarter worth about $34,000. City State Bank acquired a new stake in IonQ during the 4th quarter worth approximately $36,000. Finally, Hemington Wealth Management acquired a new stake in IonQ during the 4th quarter worth approximately $37,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now directly owns 944,510 shares in the company, valued at approximately $17,539,550.70. This represents a 1.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the firm’s stock in a transaction that occurred 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 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. Insiders sold 2,033,166 shares of company stock worth $38,059,593 over the last ninety days. Corporate insiders own 11.60% of the company’s stock.

IonQ Price Performance

IonQ stock opened at $22.72 on Wednesday. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -28.05 and a beta of 2.50. The firm’s fifty day moving average price is $32.96 and its 200 day moving average price is $26.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IONQ shares. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group lifted their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Benchmark lowered their price target on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, DA Davidson upgraded IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. One equities 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average 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.