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

IonQ (NYSE:IONQ) released its quarterly earnings data on Wednesday. The company reported ($0.19) earnings per share for the quarter, beating 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 the consensus estimate of $7.08 million. IonQ had a negative return on equity of 28.27% and a negative net margin of 715.77%. IonQ’s revenue for the quarter was up 76.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.14) EPS. IonQ updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

IonQ Trading Up 4.8 %

IonQ stock traded up $0.42 during midday trading on Thursday, hitting $9.20. The stock had a trading volume of 6,284,956 shares, compared to its average volume of 6,541,065. IonQ has a 52-week low of $6.00 and a 52-week high of $21.60. The firm’s fifty day moving average is $9.04 and its two-hundred day moving average is $10.86. The company has a market capitalization of $1.92 billion, a PE ratio of -11.79 and a beta of 2.17.

Insider Buying and Selling at IonQ

In other news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction on Monday, March 11th. The stock was sold at an average price of $10.20, for a total transaction of $104,244.00. Following the completion of the sale, the chief technology officer now directly owns 6,619,941 shares in the company, valued at $67,523,398.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other IonQ news, CTO Jungsang Kim sold 10,220 shares of IonQ stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $300,410.40. Following the sale, the chief executive officer now owns 451,233 shares in the company, valued at approximately $4,602,576.60. 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 three months. 13.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.