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

Shares of IonQ, Inc. (NYSE:IONQ) gapped down before the market opened on Tuesday . The stock had previously closed at $23.52, but opened at $22.00. IonQ shares last traded at $23.77, with a volume of 10,467,438 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IONQ. Needham & Company LLC upped their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group decreased their target price on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Craig Hallum increased their target price on shares of IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark boosted their price target on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

IonQ Trading Up 16.3 %

The company has a fifty day moving average price of $11.77 and a 200 day moving average price of $9.23.

IonQ (NYSE:IONQ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.02). The company had revenue of $12.40 million during the quarter, compared to analysts’ expectations of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. IonQ’s quarterly revenue was up 102.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.22) EPS. As a group, research analysts forecast that IonQ, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at approximately $7,488,001.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 66,000 shares of company stock worth $972,331 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.

Institutional Investors Weigh In On IonQ

A number of hedge funds and other institutional investors have recently modified their holdings of IONQ. Janney Montgomery Scott LLC increased its holdings in IonQ by 283.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 112,175 shares of the company’s stock valued at $1,121,000 after purchasing an additional 82,891 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of IonQ by 4.0% during the first quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after purchasing an additional 1,400 shares in the last quarter. Swiss National Bank grew its stake in IonQ by 14.8% in the first quarter. Swiss National Bank now owns 343,600 shares of the company’s stock worth $3,433,000 after purchasing an additional 44,200 shares during the period. Avantax Advisory Services Inc. purchased a new stake in shares of IonQ in the 1st quarter worth about $153,000. Finally, ProShare Advisors LLC increased its stake in shares of IonQ by 10.5% during the first quarter. ProShare Advisors LLC now owns 29,427 shares of the company’s stock valued at $294,000 after purchasing an additional 2,805 shares in the last quarter. 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.