Bank of Montreal Can Takes Position in IonQ, Inc. (NYSE:IONQ)

Bank of Montreal Can purchased a new position in shares of IonQ, Inc. (NYSE:IONQ) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 10,463 shares of the company’s stock, valued at approximately $437,000.

Other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in IonQ by 29.3% in the 3rd quarter. HighTower Advisors LLC now owns 18,938 shares of the company’s stock valued at $166,000 after purchasing an additional 4,288 shares during the period. Geode Capital Management LLC grew its holdings in shares of IonQ by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after buying an additional 199,360 shares during the last quarter. Versant Capital Management Inc grew 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 buying an additional 890 shares during the last quarter. GAMMA Investing LLC increased its position in shares of IonQ by 73.2% during the fourth quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new position in IonQ in the 4th quarter valued at about $216,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on IONQ shares. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. DA Davidson lowered their price target on IonQ from $50.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Benchmark restated a “buy” rating and set a $45.00 price target on shares of IonQ in a report on Monday, March 31st. Finally, The Goldman Sachs Group upped their price objective on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.80.

IonQ Stock Performance

Shares of NYSE:IONQ opened at $25.57 on Wednesday. The company has a market capitalization of $5.70 billion, a P/E ratio of -31.57 and a beta of 2.50. The company’s 50-day moving average is $25.22 and its 200 day moving average is $29.01. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $54.74.

Insider Buying and Selling at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now owns 414,363 shares in the company, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William F. Scannell acquired 93,066 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares in the company, 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. Insiders have sold a total of 2,033,166 shares of company stock worth $38,059,593 over the last three months. 11.60% of the stock is currently owned by 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.