Principal Financial Group Inc. Trims Holdings in IonQ, Inc. (NYSE:IONQ)

Principal Financial Group Inc. lessened its stake in IonQ, Inc. (NYSE:IONQ) by 30.6% during the 3rd quarter, HoldingsChannel reports. The firm 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 and hedge funds have also recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in shares of IonQ by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after acquiring an additional 1,731 shares during the last quarter. Quest Partners LLC raised its position in IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Creative Planning lifted its position in IonQ by 47.8% during the 3rd quarter. Creative Planning now owns 24,364 shares of the company’s stock worth $213,000 after acquiring an additional 7,878 shares during the period. Verity Asset Management Inc. boosted its holdings in shares of IonQ by 41.6% in the first quarter. Verity Asset Management Inc. now owns 26,863 shares of the company’s stock valued at $268,000 after acquiring an additional 7,888 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in IonQ in the third quarter worth $72,000. Hedge funds and other institutional investors own 41.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on IONQ shares. Craig Hallum increased their target price on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC lifted their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Benchmark lifted their price objective on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

IonQ Trading Down 3.0 %

NYSE IONQ opened at $30.85 on Tuesday. The stock’s 50-day moving average price is $15.67 and its two-hundred day moving average price is $10.49. The company has a market cap of $6.68 billion, a PE ratio of -38.09 and a beta of 1.89. IonQ, Inc. has a 1 year low of $6.22 and a 1 year high of $35.24.

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

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $10.72, for a total transaction of $98,184.48. Following the sale, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. The trade was a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is currently owned by company insiders.

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.