IonQ (NYSE:IONQ) Issues Earnings Results

IonQ (NYSE:IONQ) released its quarterly earnings results on Wednesday. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.07, Briefing.com reports. The business had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.08 million. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. The company’s revenue was up 76.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. IonQ updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

IonQ Price Performance

Shares of IONQ traded down $0.35 on Friday, reaching $8.85. The company’s stock had a trading volume of 1,348,321 shares, compared to its average volume of 6,482,144. IonQ has a 12-month low of $6.00 and a 12-month high of $21.60. The stock has a market capitalization of $1.84 billion, a P/E ratio of -11.79 and a beta of 2.17. The stock’s 50 day simple moving average is $9.04 and its two-hundred day simple moving average is $10.86.

Analysts Set New Price Targets

A number of equities analysts have issued reports on IONQ shares. The Goldman Sachs Group decreased their price target on IonQ from $13.00 to $11.50 and set a “neutral” rating for the company in a research note on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of IonQ in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Insider Buying and Selling at IonQ

In other IonQ news, CTO Jungsang Kim sold 10,220 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $10.20, for a total transaction of $104,244.00. Following the transaction, the chief technology officer now owns 6,619,941 shares in the company, valued at $67,523,398.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other IonQ news, CEO Peter Hume Chapman sold 29,452 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value of $300,410.40. Following the transaction, the chief executive officer now owns 451,233 shares in the company, valued at approximately $4,602,576.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.20, for a total value of $104,244.00. Following the sale, the chief technology officer now directly owns 6,619,941 shares of the company’s stock, valued at $67,523,398.20. The disclosure for this sale can be found here. Insiders have sold 86,556 shares of company stock valued at $882,871 over the last 90 days. 13.00% of the stock is currently owned by corporate 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.