IonQ (NYSE:IONQ) Shares Gap Up - Time to Buy?

Key Points

• IonQ shares gapped up Tuesday, opening at $31.78 after a $29.76 close and trading as high as about $34.92, a roughly 18.1% intraday gain on heavy volume.
• Analysts are mixed but the consensus is a Moderate Buy with an average price target of $69.45, alongside recent downgrades and reduced targets from some firms.
• Insider activity was notable: an insider sold 2,800 shares while a director purchased 3,000 shares; corporate insiders own about 5.20% of the stock and institutions hold roughly 41.4%.

Shares of IonQ, Inc. (NYSE:IONQ - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $29.76, but opened at $31.78. IonQ shares last traded at $34.9190, with a volume of 17,537,798 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IONQ shares. Wall Street Zen downgraded IonQ from a "hold" rating to a "sell" rating in a research report on Saturday. JPMorgan Chase & Co. decreased their target price on IonQ from $47.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, February 26th. Cantor Fitzgerald restated an "overweight" rating on shares of IonQ in a report on Monday, February 9th. Wedbush started coverage on IonQ in a report on Wednesday, December 17th. They set an "outperform" rating and a $60.00 target price for the company. Finally, Morgan Stanley set a $37.00 target price on IonQ in a report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, IonQ presently has an average rating of "Moderate Buy" and an average price target of $69.45.

IonQ Stock Up 18.1%

The company has a market cap of $12.89 billion, a P/E ratio of -14.03 and a beta of 2.80. The business has a fifty day moving average of $32.77 and a 200 day moving average of $46.54.

Insider Activity at IonQ

In related news, insider John W. Raymond sold 2,800 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $33.34, for a total value of $93,352.00. Following the sale, the insider directly owned 83,963 shares of the company's stock, valued at $2,799,326.42. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Teuber, Jr. purchased 3,000 shares of IonQ stock in a transaction that occurred on Friday, February 27th. The stock was purchased at an average cost of $38.38 per share, for a total transaction of $115,140.00. Following the completion of the purchase, the director owned 9,413 shares of the company's stock, valued at $361,270.94. This trade represents a 46.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 8,581 shares of company stock worth $316,156 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IonQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONQ. Stone House Investment Management LLC grew its stake in IonQ by 700.0% in the third quarter. Stone House Investment Management LLC now owns 400 shares of the company's stock worth $25,000 after purchasing an additional 350 shares during the period. Ameriflex Group Inc. grew its stake in IonQ by 485.7% in the third quarter. Ameriflex Group Inc. now owns 410 shares of the company's stock worth $25,000 after purchasing an additional 340 shares during the period. Hilltop National Bank grew its stake in IonQ by 112.5% in the third quarter. Hilltop National Bank now owns 425 shares of the company's stock worth $26,000 after purchasing an additional 225 shares during the period. Accent Capital Management LLC grew its stake in IonQ by 171.8% in the fourth quarter. Accent Capital Management LLC now owns 587 shares of the company's stock worth $26,000 after purchasing an additional 371 shares during the period. Finally, Fortitude Family Office LLC grew its stake in IonQ by 3,800.0% in the fourth quarter. Fortitude Family Office LLC now owns 624 shares of the company's stock worth $28,000 after purchasing an additional 608 shares during the period. 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. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.

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