Connor Clark & Lunn Investment Management Ltd. Invests $19.24 Million in IonQ, Inc. (NYSE:IONQ)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of IonQ, Inc. (NYSE:IONQ) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 460,676 shares of the company’s stock, valued at approximately $19,242,000.

Several other hedge funds have also recently bought and sold shares of the company. Rakuten Securities Inc. acquired a new position in IonQ during the 4th quarter worth about $3,761,000. Moors & Cabot Inc. lifted its stake in IonQ by 196.9% during the 4th quarter. Moors & Cabot Inc. now owns 31,175 shares of the company’s stock worth $1,302,000 after acquiring an additional 20,675 shares in the last quarter. Independent Advisor Alliance acquired a new position in IonQ during the 4th quarter worth about $556,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in IonQ by 42.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,010 shares of the company’s stock worth $1,671,000 after acquiring an additional 11,994 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in IonQ during the 4th quarter worth about $160,000. Institutional investors and hedge funds own 41.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IONQ shares. 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 research note on Friday, January 10th. DA Davidson raised IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. Finally, Benchmark reduced their price target on IonQ from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, IonQ currently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Stock Performance

IONQ opened at $21.27 on Friday. IonQ, Inc. has a one year low of $6.22 and a one year high of $54.74. The company has a market cap of $4.74 billion, a P/E ratio of -26.26 and a beta of 2.50. The business’s 50-day simple moving average is $34.47 and its 200-day simple moving average is $25.61.

Insider Activity

In other news, insider Peter Hume Chapman sold 2,000,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $18.72, for a total value of $37,440,000.00. Following 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 SEC, which can be accessed through this link. Also, 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 completion of the transaction, the chief financial officer now owns 944,510 shares in the company, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,033,166 shares of company stock worth $38,059,593. 11.60% of the stock is currently owned by insiders.

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.