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) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 460,676 shares of the company’s stock, valued at approximately $19,242,000. Connor Clark & Lunn Investment Management Ltd. owned 0.21% of IonQ at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in IONQ. Pathway Financial Advisers LLC acquired a new position in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its stake in shares of IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock worth $27,000 after buying an additional 501 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of IonQ during the fourth quarter worth approximately $34,000. City State Bank purchased a new stake in shares of IonQ during the fourth quarter worth approximately $36,000. Finally, Hemington Wealth Management purchased a new stake in shares of IonQ during the fourth quarter worth approximately $37,000. 41.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on IONQ. The Goldman Sachs Group boosted their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Craig Hallum boosted 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. Benchmark dropped their price target on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, IonQ presently has a consensus rating of “Buy” and a consensus target price of $44.80.

IonQ Stock Down 2.5 %

Shares of NYSE:IONQ opened at $21.27 on Friday. The business has a fifty day moving average of $34.47 and a two-hundred day moving average of $25.61. The stock has a market cap of $4.74 billion, a P/E ratio of -26.26 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 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 directly 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Rima Alameddine sold 1,407 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the transaction, the executive now owns 592,615 shares of the company’s stock, valued at approximately $12,563,438. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,033,166 shares of company stock worth $38,059,593 in the last three months. 11.60% of the stock is owned by corporate 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.