Federated Hermes Inc. Buys New Position in IonQ, Inc. (NYSE:IONQ)

Federated Hermes Inc. purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,669 shares of the company’s stock, valued at approximately $446,000.

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

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. Craig Hallum raised their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. DA Davidson decreased their target price on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a report on Monday. 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 report on Friday, January 10th. Finally, Benchmark reiterated a “buy” rating and set a $45.00 price objective on shares of IonQ in a research note on Monday, March 31st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, IonQ currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.80.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $25.81 on Friday. The company has a market cap of $5.75 billion, a P/E ratio of -31.87 and a beta of 2.50. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The business’s 50-day simple moving average is $26.00 and its 200 day simple moving average is $28.54.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the sale, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction, the executive now owns 592,615 shares of the company’s stock, valued at $12,563,438. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last three months. 11.60% of the stock is owned by insiders.

IonQ Company 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.