Principal Financial Group Inc. Sells 8,211 Shares of IonQ, Inc. (NYSE:IONQ)

Principal Financial Group Inc. trimmed its position in shares of IonQ, Inc. (NYSE:IONQ) by 30.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,590 shares of the company’s stock after selling 8,211 shares during the quarter. Principal Financial Group Inc.’s holdings in IonQ were worth $162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the business. Carnegie Investment Counsel bought a new stake in shares of IonQ during the 3rd quarter valued at $5,036,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of IonQ in the third quarter valued at about $3,749,000. Bleakley Financial Group LLC bought a new position in shares of IonQ in the third quarter valued at $152,000. Gamco Investors INC. ET AL acquired a new position in shares of IonQ during the 1st quarter worth about $185,000. Finally, Vanguard Group Inc. increased its position in IonQ by 5.1% during the first quarter. Vanguard Group Inc. now owns 18,824,996 shares of the company’s stock worth $188,062,000 after buying an additional 918,265 shares during the last quarter. Institutional investors own 41.42% of the company’s stock.

Wall Street Analysts Forecast Growth

IONQ has been the subject of a number of research reports. Benchmark lifted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating for the company in a report on Friday, August 9th. 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. Finally, Needham & Company LLC raised their price objective on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

Insider Transactions at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.75, for a total value of $406,031.25. Following the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 66,000 shares of company stock worth $972,331 in the last three months. Corporate insiders own 11.60% of the company’s stock.

IonQ Stock Performance

Shares of IONQ opened at $30.85 on Tuesday. The firm has a 50 day moving average price of $15.67 and a 200-day moving average price of $10.49. IonQ, Inc. has a fifty-two week low of $6.22 and a fifty-two week high of $35.24. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of -38.09 and a beta of 1.89.

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

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.