IonQ (NYSE:IONQ) Posts Quarterly Earnings Results, Misses Expectations By $0.02 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 ($0.22) by ($0.02), Briefing.com reports. IonQ had a negative return on equity of 36.04% and a negative net margin of 457.85%. The company had revenue of $12.40 million during the quarter, compared to the consensus estimate of $10.56 million. During the same period in the prior year, the firm posted ($0.22) EPS. The business’s revenue 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 Price Performance

Shares of NYSE:IONQ traded up $2.68 during trading on Friday, hitting $24.79. 64,845,208 shares of the company’s stock were exchanged, compared to its average volume of 19,881,288. IonQ has a 52-week low of $6.22 and a 52-week high of $25.68. The business’s 50-day simple moving average is $11.13 and its 200 day simple moving average is $9.01. The company has a market cap of $5.31 billion, a price-to-earnings ratio of -30.60 and a beta of 1.89.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at IonQ

In related news, CRO Rima Alameddine sold 22,875 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.75, for a total value of $406,031.25. Following the completion of the sale, the executive now directly owns 592,658 shares in the company, valued at $10,519,679.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 66,000 shares of company stock worth $972,331 in the last quarter. 11.60% of the stock is owned by corporate insiders.

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.