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

Shares of IonQ, Inc. (NYSE:IONQ) gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

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

IonQ Price Performance

The company has a market capitalization of $5.18 billion, a P/E ratio of -28.68 and a beta of 2.50. The stock’s 50 day moving average is $30.57 and its 200-day moving average is $27.38.

Insider Transactions at IonQ

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of IonQ stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $18.57, for a total value of $217,491.84. Following the completion of the sale, the chief financial officer now owns 944,510 shares of the company’s stock, valued at approximately $17,539,550.70. The trade was a 1.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Rima Alameddine sold 20,047 shares of the firm’s stock in a transaction dated 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 $10,632,587.76. The trade was a 3.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC purchased a new position in shares of IonQ in the 3rd quarter worth approximately $381,000. Charles Schwab Investment Management Inc. boosted its holdings in IonQ by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after acquiring an additional 135,851 shares during the period. D.A. Davidson & CO. boosted its stake in shares of IonQ by 15.6% during the third quarter. D.A. Davidson & CO. now owns 94,568 shares of the company’s stock valued at $827,000 after purchasing an additional 12,788 shares during the period. FMR LLC increased its stake in IonQ by 7.2% in the 3rd quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in shares of IonQ by 34.2% during the third quarter. Rockefeller Capital Management L.P. now owns 437,596 shares of the company’s stock valued at $3,825,000 after acquiring an additional 111,435 shares in the last quarter. Hedge funds and other institutional investors own 41.42% of the company’s stock.

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.