GW&K Investment Management LLC Takes Position in IonQ, Inc. $IONQ

GW&K Investment Management LLC purchased a new position in IonQ, Inc. (NYSE:IONQ) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,624 shares of the company’s stock, valued at approximately $899,000.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of IonQ by 18.5% in the third quarter. Vanguard Group Inc. now owns 29,354,706 shares of the company’s stock valued at $1,805,314,000 after buying an additional 4,587,260 shares during the period. Norges Bank bought a new position in shares of IonQ during the 2nd quarter worth $114,767,000. JPMorgan Chase & Co. increased its holdings in IonQ by 648.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,674,348 shares of the company’s stock worth $114,917,000 after acquiring an additional 2,317,058 shares during the last quarter. Ameriprise Financial Inc. raised its stake in IonQ by 262.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 576,391 shares of the company’s stock valued at $24,768,000 after acquiring an additional 930,490 shares during the period. Finally, Geode Capital Management LLC raised its stake in IonQ by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 5,338,456 shares of the company’s stock valued at $229,422,000 after acquiring an additional 705,301 shares during the period. 41.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. DA Davidson cut their target price on shares of IonQ from $55.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of IonQ in a research report on Thursday, January 22nd. Jefferies Financial Group began coverage on shares of IonQ in a research note on Tuesday, December 16th. They set a “buy” rating and a $100.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of IonQ in a report on Thursday, February 26th. Finally, Wedbush started coverage on shares of IonQ in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $60.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $69.45.

Insider Transactions at IonQ

In related news, insider Robert T. Cardillo sold 5,165 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $39.44, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William J. Teuber, Jr. bought 3,000 shares of the stock in a transaction on Friday, February 27th. The stock was purchased at an average price of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the purchase, the director directly owned 9,413 shares in the company, valued at approximately $361,270.94. This represents a 46.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have sold 30,781 shares of company stock valued at $1,525,804. 5.20% of the stock is currently owned by corporate insiders.

IonQ Stock Down 0.9%

IONQ stock opened at $35.69 on Friday. The firm has a market capitalization of $13.09 billion, a PE ratio of -14.33 and a beta of 2.61. IonQ, Inc. has a twelve month low of $17.88 and a twelve month high of $84.64. The stock has a 50-day simple moving average of $41.25 and a two-hundred day simple moving average of $50.23.

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. 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.