IonQ (NYSE:IONQ) Shares Gap Down - What's Next?

IonQ, Inc. (NYSE:IONQ) saw its share price decline as it gapped down before trading on Tuesday. The stock had closed the previous day at $24.93 but opened at $23.65. The latest trade for IonQ shares stood at $23.52, with a significant trading volume of 5,611,410 shares.

Wall Street Analysts Forecast Growth

Analysts have shared their insights on IONQ shares recently. Needham & Company LLC reaffirmed a "buy" rating, establishing a target price of $54.00 for the company. Meanwhile, Craig Hallum raised their price target from $22.00 to $45.00, also supporting a "buy" rating. Benchmark adjusted their price objective down from $50.00 to $45.00 but maintained a "buy" rating. The Goldman Sachs Group increased their target price for IonQ from $16.00 to $30.00 and designated the stock as "neutral." Additionally, DA Davidson upgraded IonQ to a "strong-buy" rating. Currently, one analyst rates the stock as a hold, three as a buy, and one as a strong buy. As per MarketBeat.com, IonQ has an average rating of "Buy" and a consensus price target of $44.80.

IonQ Price Performance

The company holds a market capitalization of $5.40 billion, with a price-to-earnings (PE) ratio of -29.94 and a beta of 2.50. The 50-day moving average price for IonQ is $33.50, while the 200-day moving average is $26.12.

Insider Buying and Selling at IonQ

In related news, on March 11, CFO Thomas G. Kramer sold 11,712 shares at an average price of $18.57, totaling approximately $217,491.84. Post-sale, the CFO's stake in IonQ comprises 944,510 shares valued around $17,539,550.70, marking a 1.22% decrease in ownership. Additionally, Director William F. Scannell purchased 93,066 shares on March 12 at an average cost of $21.81, amounting to about $2,029,769.46. This acquisition has brought the director's holdings to 135,047 shares, valued at approximately $2,945,375.07, reflecting a 221.69% increase. Over the past three months, insiders have sold 2,033,166 shares valued at around $38,059,593, with corporate insiders owning 11.60% of the stock.

Institutional Inflows and Outflows

Recently, several institutional investors adjusted their positions in IONQ. For instance, PDS Planning Inc increased its stake by 2.6%, accumulating 11,829 shares worth $494,000. Similarly, Mariner LLC raised its holdings by 0.6%, now owning 54,479 shares valued at $2,276,000. Allworth Financial LP boosted its position by 15.2%, owning 2,753 shares worth $116,000. GAMMA Investing LLC increased its holdings by 73.2%, acquiring 1,136 shares valued at $47,000. Lastly, Smartleaf Asset Management LLC grew its stake by an impressive 421.0%, owning 620 shares worth $27,000. In total, hedge funds and institutional investors control 41.42% of IonQ's shares.

IonQ Company Profile

IonQ, Inc. focuses on developing general-purpose quantum computing systems in the United States. The company provides access to its quantum computers, which feature various qubit capacities, through cloud platforms such as Amazon Web Services, Microsoft's Azure Quantum, and Google's Cloud Marketplace.

Should You Invest $1,000 in IonQ Right Now?

Before making a decision regarding IonQ, it’s important to consider other perspectives as well. MarketBeat highlights stocks that top-rated analysts suggest to their clients, among which IonQ does not currently appear. While IonQ maintains a "Buy" rating, analysts have identified several alternative stocks perceived as better investment opportunities.

IonQ, stocks, analysis