IonQ (NYSE:IONQ) Announces Earnings Results

IonQ (NYSE:IONQ) announced its 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 company had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.08 million. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. The business’s revenue for the quarter was up 76.9% on a year-over-year basis. During the same period last year, the firm earned ($0.14) earnings per share. IonQ updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

IonQ Stock Performance

Shares of IONQ traded up $0.42 during mid-day trading on Thursday, reaching $9.20. The company had a trading volume of 6,328,913 shares, compared to its average volume of 6,541,553. The company’s 50 day simple moving average is $9.04 and its 200 day simple moving average is $10.86. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -11.79 and a beta of 2.17. IonQ has a 1-year low of $6.00 and a 1-year high of $21.60.

Analyst Ratings Changes

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

Insider Activity at IonQ

In other IonQ news, CEO Peter Hume Chapman sold 29,452 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 $300,410.40. Following the sale, the chief executive officer now owns 451,233 shares of the company’s stock, valued at $4,602,576.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Peter Hume Chapman sold 29,452 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $300,410.40. Following the sale, the chief executive officer now directly owns 451,233 shares in the company, valued at $4,602,576.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now owns 6,619,941 shares of the company’s stock, valued at approximately $67,523,398.20. The disclosure for this sale can be found here. Insiders sold a total of 86,556 shares of company stock valued at $882,871 in the last quarter. Insiders own 13.00% 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.