IonQ, Inc. $IONQ Shares Bought by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its IonQ stake by 143.9% in the fourth quarter, buying 9,529 more shares and bringing its total to 16,150 shares worth about $725,000.
• Several other institutional investors also adjusted their positions, and overall institutional ownership stands at 41.42% of IonQ’s stock.
• IonQ shares were up 10.4% to $62.70, while the company reported strong quarterly revenue growth of 754.7% year over year despite missing EPS estimates.

CIBC Asset Management Inc grew its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 143.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 16,150 shares of the company's stock after acquiring an additional 9,529 shares during the quarter. CIBC Asset Management Inc's holdings in IonQ were worth $725,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Lauer Wealth LLC boosted its position in IonQ by 5.3% during the 4th quarter. Lauer Wealth LLC now owns 5,107 shares of the company's stock worth $229,000 after acquiring an additional 255 shares during the period. Beaird Harris Wealth Management LLC lifted its holdings in shares of IonQ by 117.4% in the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after buying an additional 270 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of IonQ by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after buying an additional 279 shares during the period. Letson Investment Management Inc. lifted its holdings in shares of IonQ by 2.6% in the fourth quarter. Letson Investment Management Inc. now owns 12,619 shares of the company's stock valued at $566,000 after buying an additional 319 shares during the period. Finally, Ameriflex Group Inc. lifted its holdings in shares of IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after buying an additional 340 shares during the period. Institutional investors and hedge funds own 41.42% of the company's stock.

Insider Buying and Selling at IonQ

In other news, insider Robert T. Cardillo sold 3,773 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total transaction of $188,272.70. Following the completion of the sale, the insider directly owned 139,967 shares of the company's stock, valued at $6,984,353.30. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John W. Raymond sold 2,800 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider directly owned 83,963 shares of the company's stock, valued at approximately $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on IONQ shares. Weiss Ratings upgraded IonQ from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. DA Davidson cut their price objective on IonQ from $55.00 to $35.00 and set a "neutral" rating for the company in a report on Thursday, February 26th. JPMorgan Chase & Co. upped their price objective on IonQ from $42.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Northland Securities started coverage on IonQ in a report on Monday, April 20th. They issued an "outperform" rating and a $55.00 price objective for the company. Finally, Morgan Stanley set a $48.50 price objective on IonQ in a report on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.63.

IonQ Stock Up 10.4%

Shares of NYSE IONQ opened at $62.70 on Tuesday. IonQ, Inc. has a 12 month low of $25.89 and a 12 month high of $84.64. The company has a market cap of $23.40 billion, a price-to-earnings ratio of -223.93 and a beta of 3.18. The business has a fifty day simple moving average of $47.83 and a 200-day simple moving average of $44.25.

IonQ (NYSE:IONQ - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a net margin of 174.88% and a negative return on equity of 23.20%. The company had revenue of $64.67 million for the quarter, compared to analysts' expectations of $49.75 million. During the same period in the prior year, the company earned ($0.14) earnings per share. The company's revenue for the quarter was up 754.7% on a year-over-year basis. As a group, sell-side analysts expect that IonQ, Inc. will post -2.26 EPS for the current fiscal year.

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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.