Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in IonQ, Inc. (NYSE:IONQ)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 28.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,408 shares of the company's stock after purchasing an additional 11,398 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in IonQ were worth $1,135,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in IONQ. Geode Capital Management LLC lifted its position in IonQ by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after acquiring an additional 45,942 shares in the last quarter. Northern Trust Corp raised its stake in IonQ by 12.6% during the 4th quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock valued at $80,809,000 after buying an additional 216,752 shares during the last quarter. Invesco Ltd. raised its stake in IonQ by 439.3% during the 4th quarter. Invesco Ltd. now owns 857,078 shares of the company's stock valued at $35,800,000 after buying an additional 698,146 shares during the last quarter. UNICOM Systems Inc. raised its stake in IonQ by 77.4% during the 1st quarter. UNICOM Systems Inc. now owns 768,900 shares of the company's stock valued at $16,970,000 after buying an additional 335,429 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in IonQ during the 4th quarter valued at $29,519,000. 41.42% of the stock is owned by institutional investors.

IonQ Stock Performance

Shares of IONQ traded up $2.22 during midday trading on Tuesday, hitting $42.08. 21,593,815 shares of the company traded hands, compared to its average volume of 19,909,212. The firm has a 50 day moving average of $41.69 and a 200-day moving average of $34.26. IonQ, Inc. has a 52 week low of $6.54 and a 52 week high of $54.74. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of -28.24 and a beta of 2.54.

IonQ (NYSE:IONQ - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. IonQ had a negative net margin of 753.20% and a negative return on equity of 63.35%. The business had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.51 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The business's revenue was down .2% on a year-over-year basis. Sell-side analysts predict that IonQ, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at IonQ

In related news, CEO Masi Niccolo De sold 2,597,500 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $40.34, for a total value of $104,783,150.00. Following the completion of the transaction, the chief executive officer owned 711,987 shares of the company's stock, valued at approximately $28,721,555.58. This trade represents a 78.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Hume Chapman sold 3,581,193 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $38.13, for a total transaction of $136,550,889.09. Following the completion of the transaction, the insider directly owned 390,329 shares of the company's stock, valued at approximately $14,883,244.77. The trade was a 90.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,191,850 shares of company stock worth $360,519,930 in the last 90 days. 5.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

IONQ has been the subject of a number of research reports. 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 target price for the company. DA Davidson decreased their target price on shares of IonQ from $50.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Rosenblatt Securities began coverage on shares of IonQ in a research note on Tuesday, July 29th. They set a "buy" rating and a $70.00 target price for the company. Needham & Company LLC restated a "buy" rating and issued a $50.00 price objective on shares of IonQ in a research note on Wednesday, June 11th. Finally, Oppenheimer began coverage on IonQ in a research note on Wednesday, July 30th. They issued an "outperform" rating for the company. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, IonQ presently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

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.