IonQ (NYSE:IONQ) Shares Gap Down - What's Next?

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $24.93, but opened at $23.65. IonQ shares last traded at $23.52, with a volume of 5,611,410 shares changing hands.

Analysts Set New Price Targets

Several analysts recently issued reports on IONQ shares. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group upped their target price on shares of IonQ from $16.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, January 10th. Benchmark cut their price target on IonQ from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Craig Hallum increased their price objective on IonQ from $22.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, DA Davidson raised IonQ to a "strong-buy" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $44.80.

IonQ Price Performance

The firm has a fifty day moving average price of $32.64 and a 200-day moving average price of $26.17. The company has a market capitalization of $4.96 billion, a P/E ratio of -27.47 and a beta of 2.50.

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Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 20,047 shares of IonQ stock in a transaction 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 transaction, the executive now directly owns 572,568 shares in the company, valued at approximately $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the insider now directly owns 414,363 shares in the company, valued at $7,756,875.36. This trade represents a 82.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,033,166 shares of company stock valued at $38,059,593 over the last three months. 11.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IONQ. Pathway Financial Advisers LLC purchased a new position in IonQ during the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its position in shares of 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 shares of IonQ during the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. purchased a new stake in shares of IonQ in the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC bought a new stake in IonQ during the fourth quarter valued at $34,000. Hedge funds and other 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.