IonQ (NYSE:IONQ) Announces Quarterly Earnings Results

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

IonQ Trading Up 4.8 %

IONQ stock traded up $0.42 during trading on Thursday, reaching $9.20. 6,284,956 shares of the stock were exchanged, compared to its average volume of 6,541,065. IonQ has a twelve month low of $6.00 and a twelve month high of $21.60. The company has a market capitalization of $1.92 billion, a P/E ratio of -11.79 and a beta of 2.17. The stock has a 50 day simple moving average of $9.04 and a 200-day simple moving average of $10.86.

Insider Buying and Selling

In related news, CRO Rima Alameddine sold 27,212 shares of IonQ stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $277,562.40. Following the sale, the executive now directly owns 697,647 shares of the company’s stock, valued at $7,115,999.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other IonQ news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Rima Alameddine sold 27,212 shares of IonQ stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $10.20, for a total value of $277,562.40. Following the sale, the executive now directly owns 697,647 shares in the company, valued at $7,115,999.40. The disclosure for this sale can be found here. Insiders have sold a total of 86,556 shares of company stock valued at $882,871 over the last three months. 13.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

IONQ has been the topic of several recent research reports. The Goldman Sachs Group cut their target price on IonQ from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of IonQ in a research note on Thursday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, IonQ has a consensus rating of “Moderate Buy” and an average target price of $16.50.

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.