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

IonQ, Inc. (NYSE:IONQ)’s stock price gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 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 stock a “neutral” rating in a research report on Friday, January 10th. DA Davidson started coverage on IonQ in a research note on Thursday, December 19th. They set a “buy” rating and a $50.00 target price for the company. Benchmark increased their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Craig Hallum boosted their price objective 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

IonQ Trading Down 1.2 %

The firm has a market capitalization of $7.30 billion, a PE ratio of -41.64 and a beta of 2.40. The company has a fifty day moving average price of $39.86 and a two-hundred day moving average price of $23.78.

Insider Buying and Selling at IonQ

In related news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total transaction of $290,661.60. Following the transaction, the chief financial officer now owns 926,114 shares of the company’s stock, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO Rima Alameddine sold 21,337 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,223 shares of company stock worth $1,314,652. 11.60% of the stock is owned by insiders.

Hedge Funds Weigh In On IonQ

Several institutional investors have recently bought and sold shares of the company. Pathway Financial Advisers LLC acquired a new stake in shares of IonQ in the 4th quarter worth $26,000. Smartleaf Asset Management LLC lifted its position in IonQ by 421.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 620 shares of the company’s stock valued at $27,000 after purchasing an additional 501 shares during the period. Measured Risk Portfolios Inc. purchased a new stake in IonQ in the 4th quarter valued at approximately $27,000. TD Waterhouse Canada Inc. purchased a new stake in IonQ in the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new position in IonQ during the 4th quarter worth approximately $34,000. 41.42% of the stock is owned by institutional investors and hedge funds.

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.