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

IonQ (NYSE:IONQ) posted its earnings results on Wednesday. The company reported ($0.24) earnings per share 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 company had revenue of $12.40 million during the quarter, compared to analyst estimates of $10.56 million. During the same quarter last year, the business posted ($0.22) EPS. The firm’s revenue for the quarter 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 Performance

Shares of IONQ traded up $5.65 during midday trading on Thursday, hitting $22.10. The company had a trading volume of 70,643,966 shares, compared to its average volume of 7,491,710. IonQ has a 1 year low of $6.22 and a 1 year high of $22.62. The firm has a market capitalization of $4.73 billion, a P/E ratio of -27.78 and a beta of 1.89. The company’s 50-day simple moving average is $10.49 and its 200-day simple moving average is $8.79.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IONQ shares. Needham & Company LLC increased their target price on IonQ from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group reduced their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Craig Hallum lifted their price objective on shares of IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a report on Thursday. Finally, Benchmark increased their target price on shares of IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday.

Insiders Place Their Bets

In related news, CRO Rima Alameddine sold 22,875 shares of the business’s 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 transaction, the executive now owns 592,658 shares in the company, valued at approximately $10,519,679.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 66,000 shares of company stock worth $972,331 in the last 90 days. Corporate 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.