IonQ (NYSE:IONQ) Issues Earnings Results

IonQ (NYSE:IONQ) released its quarterly earnings results on Wednesday. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.01), Briefing.com reports. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The firm had revenue of $12.40 million for the quarter, compared to analysts’ expectations of $10.56 million. During the same period in the previous year, the company posted ($0.22) earnings per share. The business’s quarterly revenue was up 102.1% compared to the same quarter last year. IonQ updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

IonQ Stock Up 34.3 %

Shares of NYSE IONQ traded up $5.65 during midday trading on Thursday, hitting $22.10. The stock had a trading volume of 70,643,966 shares, compared to its average volume of 7,491,710. The stock has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $8.79. The company has a market capitalization of $4.73 billion, a PE ratio of -27.78 and a beta of 1.89. IonQ has a 1 year low of $6.22 and a 1 year high of $22.62.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $11.72, for a total transaction of $115,735.00. Following the transaction, the executive now directly owns 638,908 shares in the company, valued at $7,488,001.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 66,000 shares of company stock worth $972,331. Corporate insiders own 11.60% of the company’s stock.

Wall Street Analysts Forecast Growth

IONQ has been the topic of several research analyst reports. Needham & Company LLC boosted their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group dropped their price target on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Craig Hallum increased their price objective on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Benchmark boosted their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday.

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.