IonQ (NYSE:IONQ) Posts Earnings Results

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

IonQ Trading Up 34.3 %

NYSE:IONQ opened at $22.10 on Friday. The company has a market capitalization of $4.73 billion, a P/E ratio of -27.78 and a beta of 1.89. The business’s 50-day moving average is $10.49 and its 200 day moving average is $8.79. IonQ has a 12 month low of $6.22 and a 12 month high of $22.62.

Insider Buying and Selling at IonQ

In other news, CRO Rima Alameddine sold 22,875 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.75, for a total transaction of $406,031.25. Following the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at $10,519,679.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on IONQ. Needham & Company LLC lifted their target price on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group reduced their target price on shares of 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 target price on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Benchmark increased their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a report on Thursday.

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.