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

IonQ, Inc. (NYSE:IONQ)’s share 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 recent analyst reports. Craig Hallum raised their price target on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 20th. The Goldman Sachs Group lifted 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. DA Davidson upgraded IonQ to a “strong-buy” rating in a research report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of IonQ in a research report on Thursday, February 27th. Finally, Benchmark reaffirmed a “buy” rating and set a $45.00 target price on shares of IonQ in a report on Monday. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $44.80.

IonQ Stock Performance

The stock’s 50-day moving average is $30.57 and its two-hundred day moving average is $27.38. The stock has a market cap of $5.18 billion, a PE ratio of -28.68 and a beta of 2.50.

Insider Transactions at IonQ

In other news, Director William F. Scannell purchased 93,066 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $21.81 per share, for a total transaction of $2,029,769.46. Following the purchase, the director now directly owns 135,047 shares of the company’s stock, valued at $2,945,375.07. This represents a 221.69 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Hume Chapman sold 2,000,000 shares of IonQ stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $18.72, for a total transaction of $37,440,000.00. Following the completion of the transaction, the insider now directly owns 414,363 shares in the company, valued at $7,756,875.36. The trade was a 82.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,033,166 shares of company stock valued at $38,059,593. 11.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IonQ

Several large investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC purchased a new stake in shares of IonQ during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 in the last quarter. Measured Risk Portfolios Inc. purchased a new position in shares of IonQ during the 4th quarter worth approximately $27,000. TD Waterhouse Canada Inc. purchased a new position in IonQ during the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of IonQ during the fourth quarter valued at $34,000. 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.