Sandy Spring Bank Has $38,000 Stock Holdings in IonQ, Inc. (NYSE:IONQ)

Sandy Spring Bank boosted its stake in IonQ, Inc. (NYSE:IONQ) by 350.0% in the fourth quarter, HoldingsChannel reports. The firm owned 900 shares of the company’s stock after buying an additional 700 shares during the period. Sandy Spring Bank’s holdings in IonQ were worth $38,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of IONQ. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of IonQ by 421.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after buying an additional 501 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of IonQ during the fourth quarter valued at about $34,000. City State Bank acquired a new position in shares of IonQ during the fourth quarter valued at about $36,000. Finally, Hemington Wealth Management acquired a new position in shares of IonQ during the fourth quarter valued at about $37,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other IonQ news, CRO Rima Alameddine sold 1,407 shares of IonQ stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company’s stock.

IonQ Stock Performance

Shares of IONQ stock opened at $22.26 on Friday. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -27.47 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The firm’s 50-day simple moving average is $32.43 and its two-hundred day simple moving average is $26.41.

Analyst Upgrades and Downgrades

IONQ has been the topic of a number of recent analyst reports. Benchmark dropped their price target on shares of IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. 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. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, The Goldman Sachs Group raised their price target on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target 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.