IonQ (NYSE:IONQ) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

IonQ (NYSE:IONQ) released its earnings results on Wednesday. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.07, Briefing.com reports. IonQ had a negative net margin of 715.77% and a negative return on equity of 28.27%. The firm had revenue of $7.58 million during the quarter, compared to analyst estimates of $7.08 million. During the same quarter in the previous year, the business earned ($0.14) EPS. The business’s quarterly 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 Stock Performance

Shares of IONQ stock traded up $0.42 on Thursday, hitting $9.20. The company had a trading volume of 6,330,455 shares, compared to its average volume of 6,541,571. The firm has a market cap of $1.92 billion, a P/E ratio of -11.79 and a beta of 2.17. The stock’s 50-day moving average is $9.04 and its two-hundred day moving average is $10.86. IonQ has a twelve month low of $6.00 and a twelve month high of $21.60.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other IonQ news, CTO Jungsang Kim sold 10,220 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CTO Jungsang Kim sold 10,220 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.20, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas G. Kramer sold 19,672 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 value of $200,654.40. Following the completion of the transaction, the chief financial officer now owns 954,224 shares in the company, valued at approximately $9,733,084.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,556 shares of company stock valued at $882,871. Company insiders own 13.00% 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.