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William F. Scannell, a director at IonQ, Inc. (NYSE:IONQ), recently acquired a substantial number of shares in the company. According to a recent SEC filing, Scannell purchased 93,066 shares of IonQ common stock on March 12. The shares were bought at a weighted average price of $21.8072, amounting to a total transaction value of approximately $2.03 million. The purchase comes as IonQ’s stock has shown remarkable strength, delivering a 126% return over the past year, according to InvestingPro data.
The purchase was executed through multiple transactions, with prices ranging from $21.49 to $22.11 per share. Following this acquisition, Scannell’s total direct ownership in IonQ stands at 135,047 shares. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 10.5, while holding more cash than debt on its balance sheet.
IonQ, based in College Park, Maryland, is a prominent player in the quantum computing sector. This transaction highlights Scannell’s continued confidence in the company’s growth prospects. The company has demonstrated impressive revenue growth of 95% in the last twelve months, though InvestingPro data indicates analysts don’t expect profitability this year. For deeper insights into IonQ’s valuation and growth metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, IonQ reported its fourth-quarter 2024 earnings, revealing a significant miss in earnings per share (EPS) with a result of -$0.93 against an expected -$0.23, though revenue exceeded expectations at $11.7 million compared to a forecast of $10.6 million. Despite the EPS miss, IonQ’s revenue for the full year 2024 showed substantial growth, increasing by 95% year-over-year to $43.1 million. IonQ projects 2025 revenue between $75 million and $95 million, as the company continues to expand its quantum technology capabilities. In corporate developments, IonQ announced a leadership transition with Peter Chapman stepping down as CEO to become Executive Chair, while Niccolo de Masi takes over as the new CEO. Analyst firms have responded to these developments with DA Davidson maintaining a Buy rating and a $50 price target, while Benchmark adjusted its price target from $50 to $45, still maintaining a Buy rating. The company also announced the acquisition of a controlling interest in ID Quantique, strengthening its position in quantum networking with nearly 400 patents and pending applications. IonQ’s recent advancements include a breakthrough in mixed-species quantum gate technology, developed in collaboration with Australian National University, which could enhance the speed and reliability of quantum operations.
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