Quantum Computing (NASDAQ:QUBT) Shares Down 6.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 6.3% during mid-day trading on Thursday . The stock traded as low as $9.00 and last traded at $9.09. 14,791,237 shares traded hands during trading, a decline of 15% from the average session volume of 17,467,021 shares. The stock had previously closed at $9.70.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on QUBT. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Ascendiant Capital Markets increased their price target on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research note on Wednesday. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Price Performance

The business’s 50-day simple moving average is $10.29 and its two-hundred day simple moving average is $9.75. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -32.46 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. As a group, sell-side analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. Marex Group plc lifted its position in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the third quarter worth $123,014,000. Anson Funds Management LP boosted its stake in shares of Quantum Computing by 14.9% in the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Quantum Computing by 45.5% during the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after purchasing an additional 1,428,120 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.