IonQ (NYSE:IONQ) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

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

IonQ Stock Up 34.4 %

Shares of NYSE:IONQ traded up $5.66 during trading on Thursday, hitting $22.11. 70,247,711 shares of the company traded hands, compared to its average volume of 7,490,435. The business’s fifty day moving average is $10.49 and its 200-day moving average is $8.79. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -27.78 and a beta of 1.89. IonQ has a one year low of $6.22 and a one year high of $22.62.

Analyst Ratings Changes

A number of brokerages have weighed in on IONQ. Needham & Company LLC lifted their price target on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Craig Hallum upped their price target on IonQ from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group dropped 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 upped their price objective on shares of IonQ from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday.

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 9,875 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the transaction, the executive now owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Insiders own 11.60% of the company’s stock.

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.