Principal Financial Group Inc. Has $718,000 Position in IonQ, Inc. (NYSE:IONQ)

Principal Financial Group Inc. cut its position in IonQ, Inc. (NYSE:IONQ) by 7.5% during the 4th quarter, HoldingsChannel reports. The firm owned 17,197 shares of the company’s stock after selling 1,393 shares during the quarter. 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 also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D bought a new stake in shares of IonQ in the 4th quarter valued at $3,144,000. Allworth Financial LP increased its holdings in shares of IonQ by 15.2% in the fourth quarter. Allworth Financial LP now owns 2,753 shares of the company’s stock worth $116,000 after acquiring an additional 363 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of IonQ during the fourth quarter worth about $1,745,000. Rhumbline Advisers lifted its holdings in shares of IonQ by 9.2% during the 4th quarter. Rhumbline Advisers now owns 303,803 shares of the company’s stock valued at $12,690,000 after purchasing an additional 25,577 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of IonQ by 665.9% in the 4th quarter. Blue Trust Inc. now owns 1,685 shares of the company’s stock valued at $70,000 after purchasing an additional 1,465 shares during the period. 41.42% of the stock is owned by institutional investors.

Insider Buying and Selling at IonQ

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

IonQ Stock Down 10.0 %

Shares of IONQ stock opened at $20.38 on Friday. IonQ, Inc. has a 12 month low of $6.22 and a 12 month high of $54.74. The company’s fifty day simple moving average is $36.79 and its 200-day simple moving average is $25.17. The firm has a market cap of $4.41 billion, a PE ratio of -25.16 and a beta of 2.50.

Analyst Upgrades and Downgrades

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

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.