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

IonQ, Inc. (NYSE:IONQ) shares 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IONQ. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of IonQ in a research report on Thursday, February 27th. The Goldman Sachs Group boosted 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. Benchmark lowered their price objective on shares of IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. DA Davidson upgraded shares of IonQ to a “strong-buy” rating in a research note on Thursday, February 20th. Finally, Craig Hallum upped their target price on shares of IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $44.80.

IonQ Price Performance

The business has a fifty day moving average of $33.50 and a 200 day moving average of $26.12. The stock has a market cap of $5.40 billion, a PE ratio of -29.94 and a beta of 2.50.

Insider Transactions at IonQ

In related news, insider Peter Hume Chapman sold 2,000,000 shares of the company’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 transaction of $37,440,000.00. Following the sale, the insider now directly owns 414,363 shares of the company’s stock, valued at approximately $7,756,875.36. This represents a 82.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William F. Scannell acquired 93,066 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $21.81 per share, with a total value of $2,029,769.46. Following the acquisition, the director now owns 135,047 shares of the company’s stock, valued at $2,945,375.07. This trade represents a 221.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Integrated Advisors Network LLC bought a new position in IonQ in the fourth quarter worth about $316,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of IonQ by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 362,603 shares of the company’s stock worth $15,146,000 after purchasing an additional 82,499 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of IonQ in the 4th quarter worth approximately $7,081,000. Virtus Fund Advisers LLC acquired a new position in IonQ during the 4th quarter valued at approximately $42,000. Finally, Virtus Investment Advisers Inc. bought a new position in IonQ during the 4th quarter worth $209,000. 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.