Essex Financial Services Inc. Has $781,000 Stake in IonQ, Inc. (NYSE:IONQ)

Essex Financial Services Inc. increased its stake in IonQ, Inc. (NYSE:IONQ) by 68.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 18,709 shares of the company’s stock after purchasing an additional 7,571 shares during the quarter. Essex Financial Services Inc.’s holdings in IonQ were worth $781,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of IonQ during the 4th quarter worth about $34,000. City State Bank bought a new position in IonQ in the 4th quarter worth approximately $36,000. Versant Capital Management Inc lifted its holdings in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock worth $40,000 after buying an additional 890 shares during the last quarter. Spire Wealth Management grew its stake in shares of IonQ by 406.3% in the fourth quarter. Spire Wealth Management now owns 962 shares of the company’s stock worth $40,000 after acquiring an additional 772 shares during the last quarter. Finally, Riggs Asset Managment Co. Inc. increased its position in IonQ by 2,325.0% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 970 shares of the company’s stock worth $43,000 after acquiring an additional 930 shares during the period. Institutional investors own 41.42% of the company’s stock.

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 21,337 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $634,349.01. Following the transaction, the executive now directly owns 571,321 shares in the company, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the sale, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,223 shares of company stock valued at $1,314,652. Corporate insiders own 11.60% of the company’s stock.

IonQ Stock Up 0.8 %

NYSE:IONQ opened at $38.00 on Thursday. The firm has a market capitalization of $8.22 billion, a PE ratio of -46.91 and a beta of 2.40. IonQ, Inc. has a 12-month low of $6.22 and a 12-month high of $54.74. The firm has a 50-day moving average price of $39.56 and a 200 day moving average price of $22.67.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IONQ. Benchmark increased their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. DA Davidson began coverage on IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price on the stock. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Finally, Craig Hallum upped their target price on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

IonQ 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.