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

Shares of IonQ, Inc. (NYSE:IONQ) gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

IonQ Stock Performance

The company’s 50 day moving average is $11.77 and its 200-day moving average is $9.23.

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

Insider Transactions at IonQ

In other IonQ news, CRO Rima Alameddine sold 9,159 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the sale, the executive now directly owns 648,783 shares of the company’s stock, valued at approximately $6,954,953.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 66,000 shares of company stock valued at $972,331 over the last ninety days. 11.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently made changes to their positions in the business. Carnegie Investment Counsel bought a new position in IonQ during the third quarter valued at about $5,036,000. Yong Rong HK Asset Management Ltd bought a new position in shares of IonQ during the 3rd quarter worth $3,749,000. Bleakley Financial Group LLC purchased a new position in shares of IonQ in the third quarter worth about $152,000. Oppenheimer & Co. Inc. raised its holdings in IonQ by 4.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,495 shares of the company’s stock valued at $365,000 after acquiring an additional 1,400 shares during the period. Finally, Gamco Investors INC. ET AL bought a new position in shares of IonQ in the first quarter worth $185,000. 41.42% of the stock is owned by hedge funds and other 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.