Principal Financial Group Inc. Sells 1,393 Shares of IonQ, Inc. (NYSE:IONQ)

Principal Financial Group Inc. lessened its holdings in IonQ, Inc. (NYSE:IONQ) by 7.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,197 shares of the company’s stock after selling 1,393 shares during the period. Principal Financial Group Inc.’s holdings in IonQ were worth $718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IONQ. Geode Capital Management LLC boosted its stake in shares of IonQ by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,420,152 shares of the company’s stock valued at $38,640,000 after purchasing an additional 199,360 shares in the last quarter. State Street Corp boosted its position in IonQ by 1.8% in the third quarter. State Street Corp now owns 4,260,880 shares of the company’s stock valued at $37,240,000 after buying an additional 75,596 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in IonQ by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,614,034 shares of the company’s stock valued at $14,107,000 after buying an additional 135,851 shares in the last quarter. Chevy Chase Trust Holdings LLC bought a new stake in IonQ during the fourth quarter worth about $32,060,000. Finally, FMR LLC increased its holdings in shares of IonQ by 7.2% during the third quarter. FMR LLC now owns 612,625 shares of the company’s stock worth $5,354,000 after buying an additional 41,125 shares in the last quarter. Institutional investors own 41.42% of the company’s stock.

IonQ Stock Performance

NYSE IONQ opened at $20.38 on Friday. The stock has a market capitalization of $4.41 billion, a P/E ratio of -25.16 and a beta of 2.50. IonQ, Inc. has a 52 week low of $6.22 and a 52 week high of $54.74. The stock has a fifty day moving average of $36.79 and a 200-day moving average of $25.17.

Insider Activity at IonQ

In other news, CFO Thomas G. Kramer sold 9,780 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.72, for a total value of $290,661.60. Following the transaction, the chief financial officer now directly owns 926,114 shares in the company, valued at $27,524,108.08. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Hume Chapman sold 13,106 shares of IonQ stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $389,641.38. Following the sale, the chief executive officer now directly owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,223 shares of company stock worth $1,314,652 over the last 90 days. Insiders own 11.60% of the company’s stock.

Analyst Upgrades and Downgrades

IONQ has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of IonQ in a report on Thursday, February 27th. Craig Hallum boosted their price objective on IonQ from $22.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group raised their target price on IonQ from $16.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Benchmark cut their price target on IonQ from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, DA Davidson raised shares of IonQ to a “strong-buy” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, IonQ currently has an average rating of “Buy” and an average price target of $44.80.

IonQ 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.