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

Shares of IonQ, Inc. (NYSE:IONQ) gapped down before the market opened on Tuesday . The stock had previously closed at $37.46, but opened at $36.00. IonQ shares last traded at $34.71, with a volume of 5,885,207 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on IONQ shares. DA Davidson initiated coverage on shares of IonQ in a report on Thursday, December 19th. They issued a “buy” rating and a $50.00 price objective for the company. Craig Hallum raised their price target on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.00.

IonQ Stock Performance

The business’s 50 day moving average price is $39.86 and its 200-day moving average price is $23.78. The firm has a market capitalization of $7.30 billion, a PE ratio of -41.64 and a beta of 2.40.

Insider Buying and Selling at IonQ

In other news, CEO Peter Hume Chapman sold 13,106 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 21,337 shares of IonQ stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $29.73, for a total transaction of $634,349.01. Following the completion of the transaction, the executive now owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This trade represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock valued at $1,314,652 over the last quarter. 11.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

A number of hedge funds have recently added to or reduced their stakes in IONQ. Creative Planning increased its position in shares of IonQ by 47.8% during the third quarter. Creative Planning now owns 24,364 shares of the company’s stock worth $213,000 after acquiring an additional 7,878 shares during the period. Vontobel Holding Ltd. grew its stake in IonQ by 49.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 42,562 shares of the company’s stock worth $372,000 after purchasing an additional 14,095 shares in the last quarter. Bleakley Financial Group LLC acquired a new position in IonQ during the 3rd quarter worth $152,000. Impact Partnership Wealth LLC purchased a new stake in IonQ during the 3rd quarter worth about $89,000. Finally, Yong Rong HK Asset Management Ltd acquired a new stake in IonQ in the 3rd quarter valued at about $3,749,000. 41.42% of the stock is currently owned by institutional investors and hedge funds.

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.