CIBC Private Wealth Group LLC Trims Stock Position in IonQ, Inc. (NYSE:IONQ)

CIBC Private Wealth Group LLC lowered its position in shares of IonQ, Inc. (NYSE:IONQ - Free Report) by 97.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 650 shares of the company's stock after selling 30,053 shares during the quarter. CIBC Private Wealth Group LLC's holdings in IonQ were worth $27,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock worth $103,095,000 after acquiring an additional 2,293,231 shares during the last quarter. Chevy Chase Trust Holdings LLC purchased a new stake in IonQ in the 4th quarter worth $32,060,000. Arrowstreet Capital Limited Partnership bought a new position in shares of IonQ during the 4th quarter valued at about $29,513,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of IonQ during the fourth quarter valued at about $19,242,000. Finally, Capital Advisors Inc. OK bought a new stake in shares of IonQ in the fourth quarter worth about $18,976,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Up 0.6 %

IONQ traded up $0.15 during trading on Friday, reaching $26.04. The company had a trading volume of 15,757,646 shares, compared to its average volume of 15,730,296. The business has a 50 day simple moving average of $27.29 and a 200-day simple moving average of $28.36. The stock has a market cap of $5.80 billion, a P/E ratio of -32.14 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74.

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Analyst Ratings Changes

A number of brokerages recently commented on IONQ. DA Davidson raised IonQ to a "strong-buy" rating in a research note on Thursday, February 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. Craig Hallum boosted their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. The Goldman Sachs Group increased their price objective on shares of IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 10th. Finally, Benchmark restated a "buy" rating and issued a $45.00 target price on shares of IonQ in a report on Monday, March 31st. One 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 presently has an average rating of "Buy" and an average price target of $44.80.

Insider Activity

In related news, CFO Thomas G. Kramer sold 11,712 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the company's 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 completion of the transaction, the executive now directly owns 592,615 shares in the company, valued at $12,563,438. This trade represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by company insiders.

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.