Van ECK Associates Corp Boosts Stake in IonQ, Inc. $IONQ

Key Points

• VanECK increased its stake in IonQ by 298.6% in Q3, buying an additional 273,010 shares to hold 364,428 shares (about 0.10% of the company) worth roughly $22.41 million.
• Insiders have been net sellers recently — Robert T. Cardillo and Director Kathryn K. Chou sold sizable blocks (5,165 and 5,000 shares respectively), with insiders selling 10,781 shares (~$497,804) in the last 90 days and now owning 5.20% of the stock.
• Analyst sentiment is mixed: the consensus is a "Moderate Buy" with an average price target of $69.45, but several firms have trimmed targets recently (e.g., Needham to $65, DA Davidson to $35), while the stock trades around $33.75 with a market cap of $12.38 billion.

Van ECK Associates Corp increased its holdings in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 298.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 364,428 shares of the company's stock after acquiring an additional 273,010 shares during the quarter. Van ECK Associates Corp owned about 0.10% of IonQ worth $22,412,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. TD Waterhouse Canada Inc. lifted its stake in IonQ by 28.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,008 shares of the company's stock worth $40,000 after purchasing an additional 223 shares in the last quarter. Hilltop National Bank increased its holdings in shares of IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company's stock valued at $26,000 after purchasing an additional 225 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of IonQ by 4.3% in the third quarter. International Assets Investment Management LLC now owns 5,679 shares of the company's stock valued at $349,000 after purchasing an additional 235 shares during the last quarter. Lauer Wealth LLC lifted its position in IonQ by 5.5% during the third quarter. Lauer Wealth LLC now owns 4,852 shares of the company's stock worth $298,000 after buying an additional 255 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in IonQ by 11.8% during the third quarter. GAMMA Investing LLC now owns 2,480 shares of the company's stock worth $153,000 after buying an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company's stock.

Insider Buying and Selling

In other IonQ news, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction of $203,707.60. Following the completion of the transaction, the insider owned 112,291 shares of the company's stock, valued at $4,428,757.04. This trade represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kathryn K. Chou sold 5,000 shares of IonQ stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the sale, the director owned 60,839 shares of the company's stock, valued at approximately $3,346,145. This represents a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 10,781 shares of company stock valued at $497,804. 5.20% of the stock is currently owned by insiders.

IonQ Stock Up 2.2%

NYSE:IONQ traded up $0.72 on Friday, reaching $33.75. The company's stock had a trading volume of 5,706,963 shares, compared to its average volume of 21,738,412. IonQ, Inc. has a 12-month low of $18.81 and a 12-month high of $84.64. The stock has a 50 day moving average price of $40.41 and a 200 day moving average price of $50.05. The firm has a market cap of $12.38 billion, a price-to-earnings ratio of -13.54 and a beta of 2.61.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IONQ. Needham & Company LLC dropped their target price on IonQ from $80.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Wedbush began coverage on shares of IonQ in a research report on Wednesday, December 17th. They set an "outperform" rating and a $60.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of IonQ in a report on Thursday, January 22nd. DA Davidson cut their price objective on shares of IonQ from $55.00 to $35.00 and set a "neutral" rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley set a $37.00 target price on shares of IonQ in a research note on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $69.45.

IonQ Company 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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