IonQ (NYSE:IONQ) Announces Quarterly Earnings Results, Misses Estimates By $3.14 EPS

IonQ (NYSE:IONQ) released its quarterly earnings data on Wednesday, November 5th. The company reported ($3.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($3.14), Zacks reports. The business had revenue of $39.87 million during the quarter, compared to analysts’ expectations of $26.99 million. IonQ had a negative net margin of 1,836.32% and a negative return on equity of 127.06%. The firm’s quarterly revenue was up 221.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.24) earnings per share.

IonQ Stock Performance

Shares of IonQ stock traded up $5.59 during midday trading on Thursday, reaching $54.24. 23,125,343 shares of the company’s stock traded hands, compared to its average volume of 24,421,893. The stock has a 50 day moving average of $59.08 and a 200-day moving average of $49.23. IonQ has a 12 month low of $17.88 and a 12 month high of $84.64. The company has a market cap of $18.84 billion, a PE ratio of -10.21 and a beta of 2.62.

Analyst Ratings Changes

IONQ has been the subject of several analyst reports. Rosenblatt Securities raised their target price on IonQ from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. DA Davidson increased their target price on shares of IonQ from $35.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IonQ in a report on Wednesday, October 8th. Morgan Stanley lifted their price objective on IonQ from $32.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Finally, JPMorgan Chase & Co. started coverage on IonQ in a report on Thursday, November 20th. They issued a “neutral” rating and a $47.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $66.00.

Insider Activity

In other IonQ news, insider Robert T. Cardillo sold 8,773 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $50.52, for a total transaction of $443,211.96. Following the transaction, the insider owned 37,436 shares in the company, valued at approximately $1,891,266.72. This represents a 18.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Teuber, Jr. purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average price of $54.81 per share, for a total transaction of $109,620.00. Following the completion of the transaction, the director directly owned 6,413 shares of the company’s stock, valued at $351,496.53. This represents a 45.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 149,044 shares of company stock worth $6,920,244. 5.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On IonQ

Large investors have recently bought and sold shares of the business. Beaird Harris Wealth Management LLC grew its holdings in IonQ by 117.4% during the third quarter. Beaird Harris Wealth Management LLC now owns 500 shares of the company’s stock valued at $31,000 after purchasing an additional 270 shares during the period. EverSource Wealth Advisors LLC raised its stake in IonQ by 50.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 831 shares of the company’s stock worth $36,000 after acquiring an additional 279 shares during the period. Prosperity Wealth Management Inc. lifted its holdings in IonQ by 4.7% during the third quarter. Prosperity Wealth Management Inc. now owns 8,400 shares of the company’s stock valued at $517,000 after purchasing an additional 375 shares in the last quarter. Hilltop Holdings Inc. boosted its position in shares of IonQ by 2.6% in the third quarter. Hilltop Holdings Inc. now owns 16,253 shares of the company’s stock worth $1,000,000 after purchasing an additional 417 shares during the period. Finally, MML Investors Services LLC increased its stake in shares of IonQ by 2.5% in the second quarter. MML Investors Services LLC now owns 18,511 shares of the company’s stock worth $795,000 after purchasing an additional 444 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.

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.