Pictet Asset Management Holding SA Raises Stake in IonQ, Inc. (NYSE:IONQ)

Pictet Asset Management Holding SA grew its position in IonQ, Inc. (NYSE:IONQ) by 41.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 28,174 shares of the company’s stock after acquiring an additional 8,194 shares during the period. Pictet Asset Management Holding SA’s holdings in IonQ were worth $1,177,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of IonQ during the 3rd quarter worth about $1,631,000. State Street Corp boosted its holdings in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after purchasing an additional 75,596 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in IonQ in the fourth quarter valued at approximately $3,840,000. Finally, Strategic Advocates LLC acquired a new stake in IonQ during the fourth quarter worth approximately $863,000. 41.42% of the stock is owned by hedge funds and other institutional investors.

IonQ Stock Down 11.4 %

Shares of IONQ stock opened at $20.61 on Friday. The stock’s 50-day moving average price is $29.47 and its 200 day moving average price is $27.56. The stock has a market capitalization of $4.59 billion, a PE ratio of -25.44 and a beta of 2.50. IonQ, Inc. has a 52-week low of $6.22 and a 52-week high of $54.74.

Insider Activity

In related news, CFO Thomas G. Kramer sold 11,712 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the sale, the chief financial officer now directly owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. This represents a 1.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William F. Scannell bought 93,066 shares of the business’s stock in a transaction 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 transaction, the director now owns 135,047 shares of the company’s stock, valued at $2,945,375.07. The trade was a 221.69 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Company insiders own 11.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on IONQ. The Goldman Sachs Group increased their target price 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. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum lifted their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark reissued a “buy” rating and issued a $45.00 price objective 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 company. Based on data from MarketBeat.com, IonQ currently has a consensus rating of “Buy” and an average price target of $44.80.

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.