Avantax Advisory Services Inc. Trims Position in IonQ, Inc. (NYSE:IONQ)

Avantax Advisory Services Inc. lessened its stake in IonQ, Inc. (NYSE:IONQ) by 5.4% during the 4th quarter, HoldingsChannel reports. The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Allworth Financial LP increased its stake in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after buying an additional 363 shares during the period. GAMMA Investing LLC increased its stake in IonQ by 73.2% in the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after buying an additional 480 shares during the period. Smartleaf Asset Management LLC grew its holdings in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after acquiring an additional 501 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in IonQ during the 4th quarter worth about $26,000. Finally, Spire Wealth Management grew its holdings in IonQ by 406.3% during the 4th quarter. Spire Wealth Management now owns 962 shares of the company’s stock worth $40,000 after acquiring an additional 772 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Insider Activity

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total value of $37,440,000.00. Following the completion of the transaction, the insider now directly owns 414,363 shares of the company’s stock, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William F. Scannell acquired 93,066 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the transaction, the director now directly owns 135,047 shares in the company, valued at $2,945,375.07. The trade was a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company’s stock.

IonQ Stock Performance

NYSE:IONQ opened at $25.16 on Monday. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74. The stock has a market capitalization of $5.61 billion, a P/E ratio of -31.06 and a beta of 2.50. The company’s 50-day simple moving average is $34.02 and its 200-day simple moving average is $26.00.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent research reports. Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. 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 report on Thursday, February 27th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group increased their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus 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.