CIBC Asset Management Inc Has $725,000 Stock Position in IonQ, Inc. $IONQ

CIBC Asset Management Inc boosted its holdings in shares of IonQ, Inc. (NYSE:IONQ) by 143.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 16,150 shares of the company’s stock after buying an additional 9,529 shares during the period. CIBC Asset Management Inc’s holdings in IonQ were worth $725,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Clear Street Group Inc. acquired a new position in IonQ during the third quarter valued at $61,488,000. Swedbank AB acquired a new position in IonQ during the fourth quarter valued at $2,708,000. Western Wealth Management LLC raised its position in IonQ by 222.8% during the third quarter. Western Wealth Management LLC now owns 23,762 shares of the company’s stock valued at $1,461,000 after buying an additional 16,400 shares during the period. Jefferies Financial Group Inc. acquired a new position in IonQ during the fourth quarter valued at $3,271,000. Finally, ProShare Advisors LLC raised its position in IonQ by 30.3% during the fourth quarter. ProShare Advisors LLC now owns 62,184 shares of the company’s stock valued at $2,790,000 after buying an additional 14,465 shares during the period. 41.42% of the stock is owned by institutional investors and hedge funds.

IonQ Price Performance

Shares of IONQ stock opened at $62.70 on Tuesday. IonQ, Inc. has a fifty-two week low of $25.89 and a fifty-two week high of $84.64. The stock’s 50-day moving average is $47.83 and its two-hundred day moving average is $44.25. The firm has a market cap of $23.40 billion, a P/E ratio of -223.93 and a beta of 3.18.

IonQ (NYSE:IONQ) last issued its earnings results on Wednesday, May 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.08). IonQ had a negative return on equity of 23.20% and a net margin of 174.88%.The firm had revenue of $64.67 million during the quarter, compared to analyst estimates of $49.75 million. During the same period in the previous year, the company earned ($0.14) earnings per share. The business’s revenue for the quarter was up 754.7% on a year-over-year basis. As a group, research analysts expect that IonQ, Inc. will post -2.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IONQ shares. Weiss Ratings raised IonQ from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Jefferies Financial Group set a $85.00 price target on IonQ in a research report on Thursday, May 7th. Benchmark dropped their price target on IonQ from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Northland Securities assumed coverage on IonQ in a research report on Monday, April 20th. They issued an “outperform” rating and a $55.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on IonQ from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Ten equities 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. Based on data from MarketBeat.com, IonQ presently has an average rating of “Moderate Buy” and an average price target of $68.63.

Insider Activity

In other IonQ news, insider John W. Raymond sold 2,800 shares of the company’s stock in a transaction dated 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 directly owned 83,963 shares of the company’s stock, valued at $2,799,326.42. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert T. Cardillo sold 3,773 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.90, for a total value of $188,272.70. Following the completion of the transaction, the insider directly owned 139,967 shares in the company, valued at approximately $6,984,353.30. The trade was a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.20% of the company’s stock.

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. 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.