Connor Clark & Lunn Investment Management Ltd. Acquires 467,084 Shares of IonQ, Inc. (NYSE:IONQ)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in IonQ by 101.4%, acquiring 467,084 shares to reach a total of 927,760 shares valued at approximately $20.5 million.
• IonQ reported a quarterly revenue increase of 81.6% year-over-year, totaling $20.69 million, but fell short of earnings expectations with a loss of ($0.70) per share.
• Five analysts rated IonQ as a "hold," while six have given it a "buy" rating, with an average price target of $45.00.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 101.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 927,760 shares of the company's stock after acquiring an additional 467,084 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.42% of IonQ worth $20,476,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mariner LLC grew its position in IonQ by 0.6% in the 4th quarter. Mariner LLC now owns 54,479 shares of the company's stock worth $2,276,000 after purchasing an additional 350 shares during the last quarter. Future Financial Wealth Managment LLC grew its position in IonQ by 50.0% during the first quarter. Future Financial Wealth Managment LLC now owns 1,500 shares of the company's stock worth $33,000 after buying an additional 500 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in IonQ by 2.5% during the first quarter. Miracle Mile Advisors LLC now owns 20,500 shares of the company's stock valued at $452,000 after acquiring an additional 500 shares during the period. Measured Risk Portfolios Inc. acquired a new position in IonQ in the 4th quarter valued at approximately $27,000. Finally, Signaturefd LLC raised its holdings in IonQ by 20.7% in the 1st quarter. Signaturefd LLC now owns 4,048 shares of the company's stock valued at $89,000 after acquiring an additional 694 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors and hedge funds.

IonQ Price Performance

NYSE IONQ opened at $41.90 on Friday. The stock's 50 day simple moving average is $41.42 and its 200 day simple moving average is $34.29. IonQ, Inc. has a one year low of $6.54 and a one year high of $54.74. The firm has a market cap of $10.96 billion, a PE ratio of -20.85 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.57). IonQ had a negative net margin of 885.21% and a negative return on equity of 67.11%. The business had revenue of $20.69 million during the quarter, compared to analyst estimates of $17.23 million. During the same quarter last year, the business posted ($0.18) earnings per share. The business's quarterly revenue was up 81.6% compared to the same quarter last year. As a group, equities analysts expect that IonQ, Inc. will post -0.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IONQ. Rosenblatt Securities started coverage on IonQ in a research report on Tuesday, July 29th. They set a "buy" rating and a $70.00 price objective on the stock. DA Davidson cut shares of IonQ from a "buy" rating to a "neutral" rating and set a $35.00 price objective for the company. in a research note on Thursday. Benchmark raised their price objective on shares of IonQ from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Needham & Company LLC reissued a "buy" rating on shares of IonQ in a research note on Monday, August 4th. Finally, Cantor Fitzgerald initiated coverage on shares of IonQ in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $45.00 price target for the company. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

Insider Activity at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 17,776 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $41.28, for a total transaction of $733,793.28. Following the transaction, the chief financial officer owned 537,880 shares of the company's stock, valued at approximately $22,203,686.40. This represents a 3.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn K. Chou sold 6,789 shares of IonQ stock in a transaction on Friday, July 11th. The shares were sold at an average price of $43.14, for a total value of $292,877.46. Following the completion of the sale, the director directly owned 60,839 shares of the company's stock, valued at $2,624,594.46. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,209,626 shares of company stock worth $361,253,723. 5.20% of the stock is owned by insiders.

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.

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