IonQ (NYSE:IONQ) Shares Gap Down – Time to Sell?

IonQ, Inc. (NYSE:IONQ)’s stock price gapped down before the market opened 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 traded.

Analyst Ratings Changes

IONQ has been the subject of a number of research analyst reports. DA Davidson upgraded IonQ to a “strong-buy” rating in a report on Thursday, February 20th. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark reduced their price objective on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. The Goldman Sachs Group increased their price target on IonQ from $16.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of IonQ in a research report on Thursday, February 27th. One 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. According to data from MarketBeat, IonQ currently has a consensus rating of “Buy” and a consensus target price of $44.80.

IonQ Price Performance

The stock has a 50-day moving average of $32.82 and a 200-day moving average of $26.21. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of -28.71 and a beta of 2.50.

Insiders Place Their Bets

In other IonQ news, CFO Thomas G. Kramer sold 11,712 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $18.57, for a total transaction of $217,491.84. Following the completion of the sale, the chief financial officer now directly owns 944,510 shares in the company, valued at $17,539,550.70. This represents a 1.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Rima Alameddine sold 1,407 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $21.20, for a total value of $29,828.40. Following the sale, the executive now owns 592,615 shares of the company’s stock, valued at $12,563,438. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,033,166 shares of company stock worth $38,059,593 over the last three months. Insiders own 11.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IONQ. Pathway Financial Advisers LLC bought a new position in shares of IonQ in the 4th quarter valued at $26,000. Smartleaf Asset Management LLC lifted its stake in shares of IonQ by 421.0% in 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. Measured Risk Portfolios Inc. bought a new position in shares of IonQ in the 4th quarter valued at $27,000. TD Waterhouse Canada Inc. acquired a new stake in IonQ in the fourth quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in IonQ in the fourth quarter valued at $34,000. 41.42% of the stock is currently owned by institutional investors.

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.