Zurcher Kantonalbank Zurich Cantonalbank Purchases 94,187 Shares of IonQ, Inc. $IONQ

Zurcher Kantonalbank Zurich Cantonalbank increased its position in IonQ, Inc. (NYSE:IONQ) by 137.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 162,655 shares of the company’s stock after purchasing an additional 94,187 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in IonQ were worth $7,298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of IONQ. Stone House Investment Management LLC grew its stake in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company’s stock worth $25,000 after purchasing an additional 350 shares in the last quarter. Ameriflex Group Inc. lifted its holdings in IonQ by 485.7% during the third quarter. Ameriflex Group Inc. now owns 410 shares of the company’s stock worth $25,000 after buying an additional 340 shares during the period. Fortitude Family Office LLC lifted its holdings in IonQ by 3,800.0% during the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company’s stock worth $28,000 after buying an additional 608 shares during the period. Financial Consulate Inc. purchased a new stake in IonQ during the third quarter worth $29,000. Finally, UMB Bank n.a. purchased a new stake in IonQ during the third quarter worth $31,000. Institutional investors own 41.42% of the company’s stock.

Insider Activity

In other news, insider John W. Raymond sold 2,800 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total transaction of $93,352.00. Following the completion of the sale, the insider owned 83,963 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, insider Robert T. Cardillo sold 5,165 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total value of $203,707.60. Following the sale, the insider owned 112,291 shares of the company’s stock, valued at approximately $4,428,757.04. This represents a 4.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 8,581 shares of company stock worth $316,156. Insiders own 5.20% of the company’s stock.

IonQ Trading Down 7.8%

Shares of IONQ opened at $43.67 on Friday. IonQ, Inc. has a 12 month low of $25.89 and a 12 month high of $84.64. The stock has a fifty day moving average price of $34.38 and a 200-day moving average price of $45.59. The firm has a market cap of $16.01 billion, a PE ratio of -17.54 and a beta of 2.80.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IONQ shares. Needham & Company LLC lowered their target price on IonQ from $80.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of IonQ in a report on Thursday, February 26th. Northland Securities started coverage on IonQ in a report on Monday. They set an “outperform” rating and a $55.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of IonQ in a report on Tuesday. Finally, Benchmark lowered their target price on IonQ from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, IonQ has an average rating of “Moderate Buy” and a consensus target price of $68.25.

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. 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.