Truist Financial Corp Acquires Shares of 9,987 IonQ, Inc. (NYSE:IONQ)

Truist Financial Corp acquired a new stake in IonQ, Inc. (NYSE:IONQ) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 9,987 shares of the company’s stock, valued at approximately $417,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. CIBC Asset Management Inc purchased a new stake in IonQ in the 4th quarter valued at approximately $271,000. Sanctuary Advisors LLC purchased a new stake in IonQ in the 4th quarter valued at approximately $998,000. State of New Jersey Common Pension Fund D purchased a new stake in IonQ in the 4th quarter valued at approximately $3,144,000. Allworth Financial LP boosted its holdings in IonQ by 15.2% in the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock valued at $116,000 after purchasing an additional 363 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of IonQ during the 4th quarter worth approximately $1,745,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

IONQ stock opened at $22.33 on Wednesday. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $54.74. The stock’s 50 day moving average price is $37.78 and its 200 day moving average price is $25.22. The firm has a market cap of $4.83 billion, a P/E ratio of -27.57 and a beta of 2.40.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. DA Davidson raised IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Craig Hallum boosted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. The Goldman Sachs Group boosted 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. Finally, Benchmark decreased their price target on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One equities research 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 stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $44.80.

Insider Activity at IonQ

In related news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by corporate insiders.

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.