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

IonQ (NYSE:IONQ) announced its quarterly earnings data 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 business had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period last year, the company earned ($0.22) EPS. The business’s 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 %

IONQ opened at $22.10 on Friday. The firm has a market cap of $4.73 billion, a P/E ratio of -27.78 and a beta of 1.89. IonQ has a 52 week low of $6.22 and a 52 week high of $22.62. The business has a fifty day simple moving average of $10.49 and a 200-day simple moving average of $8.79.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, CRO Rima Alameddine sold 22,875 shares of IonQ stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.75, for a total transaction of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares of the company’s stock, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $972,331. Corporate insiders own 11.60% of the company’s stock.

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.