Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in IonQ, Inc. $IONQ

Key Points

• Zurcher Kantonalbank raised its stake in IonQ by 137.6% in Q4, buying an additional 94,187 shares to hold 162,655 shares worth about $7.30 million.
• Company insiders sold 8,581 shares last quarter (including sales by John W. Raymond and Robert T. Cardillo) totaling roughly $316,156, bringing insider ownership to about 5.20%.
• Analyst sentiment is mixed but leans positive—ten Buys, six Holds and one Sell—resulting in an average rating of "Moderate Buy" and an average target price near $68.25, despite several recent target cuts.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 137.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,655 shares of the company's stock after purchasing an additional 94,187 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in IonQ were worth $7,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stone House Investment Management LLC raised its position in IonQ by 700.0% during the third quarter. Stone House Investment Management LLC now owns 400 shares of the company's stock valued at $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. raised its position in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock valued at $25,000 after purchasing an additional 340 shares during the period. Financial Consulate Inc. purchased a new stake in IonQ during the third quarter valued at approximately $29,000. UMB Bank n.a. purchased a new stake in IonQ during the third quarter valued at approximately $31,000. Finally, Beaird Harris Wealth Management LLC raised its position in IonQ by 117.4% during the third 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 during the period. 41.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider John W. Raymond sold 2,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the transaction, the insider owned 83,963 shares of the company's stock, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $4,428,757.04. This trade represents a 4.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,581 shares of company stock valued at $316,156 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on IONQ shares. Benchmark decreased their price objective on IonQ from $75.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. JPMorgan Chase & Co. cut their target price on IonQ from $47.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, February 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of IonQ in a research note on Monday, February 9th. Wall Street Zen cut IonQ from a "hold" rating to a "sell" rating in a research note on Saturday, April 11th. Finally, Morgan Stanley set a $37.00 target price on IonQ in a research note on Thursday, February 26th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $68.25.

IonQ Stock Performance

IONQ opened at $43.67 on Friday. The stock has a market cap of $16.01 billion, a price-to-earnings ratio of -17.54 and a beta of 2.80. The stock's 50 day moving average price is $34.38 and its 200-day moving average price is $45.59. IonQ, Inc. has a one year low of $25.89 and a one year high of $84.64.

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.

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