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

IonQ, Inc. (NYSE:IONQ)’s stock price 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 traded.

Analysts Set New Price Targets

IONQ has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of IonQ in a report on Thursday, February 27th. Craig Hallum increased their price objective on shares of IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group lifted their price target on shares of IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Benchmark restated a “buy” rating and issued a $45.00 price objective on shares of IonQ in a research note on Monday. Finally, DA Davidson upgraded 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $44.80.

IonQ Stock Down 2.1 %

The stock has a market capitalization of $4.99 billion, a PE ratio of -27.62 and a beta of 2.50. The stock’s 50 day moving average price is $31.35 and its 200-day moving average price is $27.17.

Insiders Place Their Bets

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. The trade was a 82.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William F. Scannell acquired 93,066 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the completion of the acquisition, the director now owns 135,047 shares in the company, valued at approximately $2,945,375.07. This represents a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 2,033,166 shares of company stock worth $38,059,593. Corporate insiders own 11.60% of the company’s stock.

Institutional Trading of IonQ

Several hedge funds have recently bought and sold shares of IONQ. PDS Planning Inc increased its holdings in shares of IonQ by 2.6% in the fourth quarter. PDS Planning Inc now owns 11,829 shares of the company’s stock worth $494,000 after purchasing an additional 300 shares during the last quarter. Mariner LLC grew its holdings in IonQ by 0.6% during the 4th quarter. Mariner LLC now owns 54,479 shares of the company’s stock valued at $2,276,000 after buying an additional 350 shares in the last quarter. Allworth Financial LP raised its holdings in shares of IonQ by 15.2% during the 4th quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after acquiring an additional 363 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of IonQ by 73.2% during the 4th quarter. GAMMA Investing LLC now owns 1,136 shares of the company’s stock worth $47,000 after acquiring an additional 480 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted 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 acquiring an additional 501 shares during the last quarter. 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.