IonQ (NYSE:IONQ) Announces Earnings Results

IonQ (NYSE:IONQGet Rating) posted its quarterly earnings results on Monday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.08, MarketWatch Earnings reports. IonQ updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

IONQ stock traded up $0.61 during midday trading on Tuesday, hitting $5.47. 191,569 shares of the company’s stock were exchanged, compared to its average volume of 7,670,747. IonQ has a one year low of $4.16 and a one year high of $35.90. The stock’s fifty day moving average price is $10.49 and its 200-day moving average price is $14.54.

In related news, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of the stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $11.16, for a total transaction of $6,073,818.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in IONQ. BlackRock Inc. acquired a new stake in shares of IonQ in the 4th quarter valued at about $27,109,000. Geode Capital Management LLC bought a new position in shares of IonQ during the fourth quarter worth about $15,915,000. Charles Schwab Investment Management Inc. acquired a new stake in IonQ in the 4th quarter valued at approximately $9,247,000. State Street Corp bought a new stake in IonQ in the 4th quarter valued at approximately $5,959,000. Finally, Vanguard Group Inc. boosted its position in IonQ by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 3,766,033 shares of the company’s stock worth $48,054,000 after acquiring an additional 160,077 shares during the last quarter. 39.92% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on IONQ. Benchmark cut their target price on IonQ from $20.00 to $15.00 in a research note on Tuesday. Craig Hallum reduced their price objective on shares of IonQ from $26.00 to $12.00 in a research note on Tuesday.

IonQ Company Profile (Get Rating)

IonQ, Inc engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. 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.

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