Zurcher Kantonalbank Zurich Cantonalbank Sells 6,045 Shares of IonQ, Inc. (NYSE:IONQ)

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of IonQ, Inc. (NYSE:IONQ) by 17.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,016 shares of the company’s stock after selling 6,045 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in IonQ were worth $347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in IONQ. Commonwealth Equity Services LLC raised its holdings in shares of IonQ by 41.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 21,151 shares of the company’s stock valued at $315,000 after purchasing an additional 6,250 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of IonQ by 19.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,277 shares of the company’s stock worth $317,000 after acquiring an additional 3,461 shares during the period. Bank of New York Mellon Corp raised its stake in IonQ by 5.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 861,152 shares of the company’s stock valued at $12,814,000 after acquiring an additional 47,967 shares during the period. Strs Ohio lifted its holdings in IonQ by 17.0% during the 3rd quarter. Strs Ohio now owns 10,300 shares of the company’s stock valued at $153,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Gratus Capital LLC lifted its holdings in IonQ by 100.0% during the 3rd quarter. Gratus Capital LLC now owns 20,000 shares of the company’s stock valued at $298,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IONQ shares. The Goldman Sachs Group cut their target price on shares of IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of IonQ in a research report on Thursday, February 29th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.50.

IonQ Stock Performance

Shares of IonQ stock opened at $8.94 on Friday. The firm has a 50-day moving average of $9.18 and a 200-day moving average of $10.97. IonQ, Inc. has a 52-week low of $5.38 and a 52-week high of $21.60. The stock has a market cap of $1.86 billion, a PE ratio of -11.46 and a beta of 2.17.

IonQ (NYSE:IONQ) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.03. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. The firm had revenue of $6.11 million during the quarter, compared to the consensus estimate of $5.70 million. Equities research analysts predict that IonQ, Inc. will post -1.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Jungsang Kim sold 10,220 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the sale, the chief technology officer now directly owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other IonQ news, CEO Peter Hume Chapman sold 29,452 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $300,410.40. Following the completion of the transaction, the chief executive officer now directly owns 451,233 shares in the company, valued at $4,602,576.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $104,244.00. Following the completion of the sale, the chief technology officer now directly owns 6,619,941 shares in the company, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Insiders have sold 86,556 shares of company stock valued at $882,871 over the last 90 days. 13.00% of the stock is owned by corporate insiders.

About IonQ

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.