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

by · The Markets Daily

IonQ (NYSE:IONQ – Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.01), Briefing.com reports. The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative net margin of 457.85% and a negative return on equity of 36.04%. The company’s quarterly revenue was up 102.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.22) EPS. IonQ updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

IonQ Stock Performance

Shares of NYSE IONQ traded up $2.68 during trading on Friday, reaching $24.79. 64,845,208 shares of the company traded hands, compared to its average volume of 19,881,288. The firm’s fifty day simple moving average is $10.78 and its 200 day simple moving average is $8.89. IonQ has a 12-month low of $6.22 and a 12-month high of $25.68.

Insider Transactions at IonQ

In related news, CRO Rima Alameddine sold 9,159 shares of IonQ stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $10.72, for a total transaction of $98,184.48. Following the completion of the transaction, the executive now directly owns 648,783 shares in the company, valued at approximately $6,954,953.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 66,000 shares of company stock worth $972,331 over the last quarter. 11.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IONQ has been the subject of several research analyst reports. Needham & Company LLC raised their price target on IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Benchmark raised 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. Craig Hallum upped their price objective on IonQ from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Finally, The Goldman Sachs Group dropped their price objective on IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th.

View Our Latest Stock Analysis on IonQ

IonQ Company Profile

(Get Free Report)

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.

Recommended Stories