Corebridge Financial Inc. Sells 6,120 Shares of IonQ, Inc. (NYSE:IONQ)

Corebridge Financial Inc. decreased its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 5.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 99,962 shares of the company’s stock after selling 6,120 shares during the period. Corebridge Financial Inc.’s holdings in IonQ were worth $4,175,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pathway Financial Advisers LLC bought a new stake in shares of IonQ during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC raised its stake in IonQ by 421.0% in the fourth 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 IonQ in the fourth quarter valued at approximately $34,000. City State Bank bought a new stake in IonQ during the fourth quarter valued at approximately $36,000. Finally, Hemington Wealth Management bought a new position in shares of IonQ in the 4th quarter worth $37,000. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction dated 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 transaction, the executive now directly owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This represents 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 hyperlink. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, for a total transaction of $2,029,769.46. Following the completion of the purchase, the director now directly owns 135,047 shares of the company’s stock, 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. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 in the last ninety days. 11.60% of the stock is owned by insiders.

IonQ Trading Down 3.1 %

IONQ opened at $22.92 on Monday. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The business’s 50-day moving average price is $31.35 and its 200-day moving average price is $27.17. The company has a market cap of $5.11 billion, a P/E ratio of -28.30 and a beta of 2.50.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group lifted their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum boosted their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark cut their target price on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus 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.