IonQ (NYSE:IONQ) Shares Gap Down – What’s Next?

Shares of IonQ, Inc. (NYSE:IONQ) gapped down prior to trading on Monday . The stock had previously closed at $22.85, but opened at $21.67. IonQ shares last traded at $22.90, with a volume of 3,530,729 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IONQ. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Benchmark reissued a “buy” rating and issued a $45.00 price target on shares of IonQ in a report on Monday. The Goldman Sachs Group increased their target price on shares of IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research note on Thursday, February 27th. Finally, Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $44.80.

IonQ Trading Down 2.1 %

The business’s 50 day moving average price is $31.35 and its two-hundred day moving average price is $27.17. The stock has a market cap of $4.99 billion, a P/E ratio of -27.62 and a beta of 2.50.

Insider Transactions at IonQ

In other news, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 trade represents a 82.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Rima Alameddine sold 20,047 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total value of $372,272.79. Following the completion of the sale, the executive now owns 572,568 shares in the company, valued at $10,632,587.76. The trade was a 3.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,033,166 shares of company stock valued at $38,059,593. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

Hedge funds have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new position in shares of IonQ in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC increased its stake in IonQ by 421.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares in the last quarter. Measured Risk Portfolios Inc. purchased a new position in IonQ in the fourth quarter worth about $27,000. TD Waterhouse Canada Inc. bought a new position in shares of IonQ in the fourth quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of IonQ during the fourth quarter valued at approximately $34,000. 41.42% of the stock is owned by institutional investors.

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.