M&T Bank Corp Acquires New Stake in IonQ, Inc. $IONQ

Key Points

• M&T Bank Corp disclosed a new fourth-quarter stake in IonQ, buying 9,977 shares valued at about $448,000. Several other institutional investors also increased or initiated positions in the quantum computing company.
• IonQ saw mixed insider activity: Director William J. Teuber, Jr. bought 3,000 shares, while insider Robert T. Cardillo sold 5,165 shares. Overall, insiders sold 12,354 shares over the last three months.
• Analysts remain constructive overall, with IonQ carrying a Moderate Buy consensus and an average price target of $68.63. Recent coverage was mixed, however, as some firms lowered targets even while others maintained bullish ratings.

M&T Bank Corp acquired a new stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 9,977 shares of the company's stock, valued at approximately $448,000.

A number of other large investors also recently bought and sold shares of IONQ. Ameriflex Group Inc. boosted its holdings in IonQ by 485.7% during the 3rd quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after acquiring an additional 340 shares during the period. Fortitude Family Office LLC raised its position in IonQ by 3,800.0% during the 4th quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock valued at $28,000 after purchasing an additional 608 shares in the last quarter. UMB Bank n.a. bought a new stake in IonQ during the 3rd quarter valued at $31,000. Beaird Harris Wealth Management LLC raised its position in IonQ by 117.4% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company's stock valued at $31,000 after purchasing an additional 270 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company's stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Transactions at IonQ

In related news, Director William J. Teuber, Jr. purchased 3,000 shares of IonQ stock in a transaction dated Friday, February 27th. The stock was purchased at an average cost of $38.38 per share, with a total value of $115,140.00. Following the transaction, the director owned 9,413 shares in the company, valued at approximately $361,270.94. The trade was a 46.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $39.44, for a total value of $203,707.60. Following the completion of the transaction, the insider directly owned 112,291 shares of the company's stock, valued at approximately $4,428,757.04. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 12,354 shares of company stock valued at $504,428. Corporate insiders own 5.20% of the company's stock.

Key IonQ News

Here are the key news stories impacting IonQ this week:

• Positive Sentiment: SkyWater shareholders approved IonQ’s $1.8 billion merger, a step that could strengthen IonQ’s manufacturing capabilities and improve its competitive positioning in quantum hardware. IonQ surges after SkyWater shareholders approve $1.8B merger
• Positive Sentiment: Investor sentiment toward quantum computing has improved broadly, with money rotating into the sector after strong revenue beats and momentum in peer stocks, which is helping lift IonQ along with the group. Prediction: IonQ Price Target Soars With a 383% Upside in 12 Months
• Neutral Sentiment: Some commentary remains divided, with one report arguing IonQ still faces headwinds despite the quantum hype and suggesting the stock may be overextended after its sharp run. Prediction: IonQ Faces Headwinds That Could Push It Lower Despite Quantum Hype
• Negative Sentiment: There was also mention of insider selling, which can be a modest warning sign for investors looking for management confidence in the stock’s near-term upside. Insider Selling: IonQ NYSE: IONQ Insider Sells $188,272.70 in Stock

IonQ Trading Down 1.7%

IONQ opened at $55.92 on Wednesday. The firm has a market cap of $20.50 billion, a price-to-earnings ratio of -199.71 and a beta of 3.05. IonQ, Inc. has a 12 month low of $25.89 and a 12 month high of $84.64. The stock has a fifty day moving average price of $37.42 and a 200-day moving average price of $43.48.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IONQ. Benchmark decreased their target price on IonQ from $75.00 to $65.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Morgan Stanley set a $48.50 target price on IonQ in a research report on Thursday, May 7th. DA Davidson decreased their target price on IonQ from $55.00 to $35.00 and set a "neutral" rating for the company in a research report on Thursday, February 26th. Northland Securities began coverage on IonQ in a research report on Monday, April 20th. They set an "outperform" rating and a $55.00 target price for the company. Finally, Jefferies Financial Group set a $85.00 target price on IonQ in a research report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. 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 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. 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.

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