Cibc World Markets Corp Invests $786,000 in IonQ, Inc. (NYSE:IONQ)

Cibc World Markets Corp bought a new position in IonQ, Inc. (NYSE:IONQ - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,816 shares of the company's stock, valued at approximately $786,000.

Other institutional investors have also modified their holdings of the company. Pathway Financial Advisers LLC bought a new stake in IonQ in the fourth quarter valued at about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of IonQ by 421.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company's stock valued at $27,000 after acquiring an additional 501 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the 4th quarter valued at approximately $34,000. City State Bank bought a new position in IonQ during the fourth quarter worth $36,000. Finally, Hemington Wealth Management acquired a new position in IonQ in the fourth quarter worth $37,000. Institutional investors and hedge funds own 41.42% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IONQ. Craig Hallum increased their target price on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. The Goldman Sachs Group upped their target price on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, January 10th. DA Davidson upgraded IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. Finally, Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $44.80.

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Insider Activity

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now directly owns 592,615 shares of the company's stock, valued at approximately $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company's stock.

IonQ Trading Down 2.5 %

IONQ traded down $0.65 during trading hours on Tuesday, hitting $25.47. The company's stock had a trading volume of 17,138,426 shares, compared to its average volume of 14,773,287. The company has a 50-day simple moving average of $32.32 and a 200 day simple moving average of $26.81. The firm has a market capitalization of $5.68 billion, a PE ratio of -31.44 and a beta of 2.50. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74.

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.