Intech Investment Management LLC Purchases 55,226 Shares of IonQ, Inc. (NYSE:IONQ)

Intech Investment Management LLC lifted its stake in IonQ, Inc. (NYSE:IONQ - Free Report) by 126.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 98,835 shares of the company's stock after purchasing an additional 55,226 shares during the period. Intech Investment Management LLC's holdings in IonQ were worth $4,128,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Chevy Chase Trust Holdings LLC acquired a new stake in IonQ during the 4th quarter worth $32,060,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in IonQ during the 4th quarter worth $19,242,000. Capital Advisors Inc. OK acquired a new stake in IonQ during the 4th quarter worth $18,976,000. UNICOM Systems Inc. acquired a new stake in IonQ during the 4th quarter worth $18,106,000. Finally, Raymond James Financial Inc. acquired a new stake in IonQ during the 4th quarter worth $10,768,000. 41.42% of the stock is currently owned by institutional investors.

Insider Activity at IonQ

In related news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction dated 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 approximately $17,539,550.70. This trade represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William F. Scannell purchased 93,066 shares of IonQ stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now directly owns 135,047 shares of the company's stock, valued at $2,945,375.07. This trade represents a 221.69 % increase in their position. The disclosure for this purchase 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 owned by insiders.

Remove Ads

IonQ Price Performance

Shares of IONQ traded up $1.12 during midday trading on Friday, hitting $22.26. The stock had a trading volume of 21,882,198 shares, compared to its average volume of 14,605,851. The company has a 50 day simple moving average of $32.43 and a two-hundred day simple moving average of $26.27. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -27.47 and a beta of 2.50. IonQ, Inc. has a twelve month low of $6.22 and a twelve month high of $54.74.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group raised their price objective on IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, January 10th. Benchmark dropped their price target on IonQ from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price target on shares of IonQ in a research note on Thursday, February 27th. Finally, DA Davidson raised IonQ to a "strong-buy" rating in a research note on Thursday, February 20th. One equities 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $44.80.

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.