IonQ (NYSE:IONQ) Shares Gap Down - Should You Sell?

IonQ, Inc. (NYSE:IONQ - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $40.57, but opened at $39.49. IonQ shares last traded at $41.34, with a volume of 3,208,178 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Benchmark raised their target price on IonQ from $12.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their target price on IonQ from $16.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, January 10th. Needham & Company LLC raised their target price on IonQ from $13.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Craig Hallum raised their target price on IonQ from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, DA Davidson initiated coverage on IonQ in a research report on Thursday, December 19th. They set a "buy" rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

IonQ Stock Performance

The company has a market cap of $8.11 billion, a P/E ratio of -46.26 and a beta of 2.40. The stock has a 50-day moving average of $39.69 and a two-hundred day moving average of $23.10.

Insiders Place Their Bets

In related news, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the completion of the sale, the chief executive officer now owns 414,363 shares of the company's stock, valued at $12,319,011.99. The trade was a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas G. Kramer sold 9,780 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the completion of the sale, the chief financial officer now directly owns 926,114 shares of the company's stock, valued at $27,524,108.08. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,223 shares of company stock valued at $1,314,652. Corporate insiders own 11.60% of the company's stock.

Institutional Trading of IonQ

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of IonQ by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,374,125 shares of the company's stock worth $892,797,000 after acquiring an additional 125,144 shares during the period. Geode Capital Management LLC lifted its position in IonQ by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 4,466,094 shares of the company's stock valued at $186,593,000 after purchasing an additional 45,942 shares in the last quarter. State Street Corp lifted its position in IonQ by 1.8% during the third quarter. State Street Corp now owns 4,260,880 shares of the company's stock valued at $37,240,000 after purchasing an additional 75,596 shares in the last quarter. JPMorgan Chase & Co. lifted its position in IonQ by 1,310.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,468,160 shares of the company's stock valued at $103,095,000 after purchasing an additional 2,293,231 shares in the last quarter. Finally, Northern Trust Corp lifted its position in IonQ by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,934,625 shares of the company's stock valued at $80,809,000 after purchasing an additional 216,752 shares in the last quarter. Institutional investors own 41.42% of the company's stock.

About IonQ

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.