CIBC Asset Management Inc Takes $271,000 Position in IonQ, Inc. (NYSE:IONQ)

CIBC Asset Management Inc bought a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,490 shares of the company’s stock, valued at approximately $271,000.

Several other institutional investors and hedge funds have also bought and sold shares of IONQ. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the fourth quarter valued at about $26,000. Golden State Wealth Management LLC bought a new stake in IonQ in the 4th quarter valued at about $34,000. City State Bank bought a new position in IonQ in the fourth quarter worth approximately $36,000. Hemington Wealth Management acquired a new stake in IonQ in the fourth quarter valued at approximately $37,000. Finally, Versant Capital Management Inc increased its holdings in shares of IonQ by 1,348.5% during the fourth quarter. Versant Capital Management Inc now owns 956 shares of the company’s stock valued at $40,000 after acquiring an additional 890 shares in the last quarter. 41.42% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $389,641.38. Following the sale, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas G. Kramer sold 9,780 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,223 shares of company stock valued at $1,314,652. 11.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group increased their target price on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. DA Davidson raised shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Needham & Company LLC boosted their target price on shares of IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Benchmark raised their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Craig Hallum lifted their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, IonQ currently has an average rating of “Buy” and a consensus price target of $33.00.

IonQ Stock Performance

Shares of IONQ stock opened at $31.25 on Tuesday. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The firm’s 50-day simple moving average is $39.68 and its two-hundred day simple moving average is $24.44. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -38.58 and a beta of 2.40.

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.