Quantinuum (NASDAQ:QNT) Hits New 52-Week Low – Here’s What Happened

Shares of Quantinuum Inc. (NASDAQ:QNT) hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $44.05 and last traded at $44.62, with a volume of 223118 shares changing hands. The stock had previously closed at $45.59.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Cowen began coverage on Quantinuum in a report on Monday, June 29th. They set a “buy” rating for the company. Bank of America assumed coverage on shares of Quantinuum in a research note on Monday, June 29th. They issued a “buy” rating and a $100.00 price objective on the stock. Craig Hallum assumed coverage on shares of Quantinuum in a research note on Monday, June 29th. They issued a “buy” rating and a $100.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Quantinuum in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein reiterated a “hold” rating on shares of Quantinuum in a research note on Wednesday, August 12th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Quantinuum currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.42.

Quantinuum Stock Performance

The company has a 50 day simple moving average of $52.52. The stock has a market capitalization of $10.93 billion and a price-to-earnings ratio of -148.29.

Quantinuum (NASDAQ:QNT) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The company had revenue of $8.00 million during the quarter. Equities research analysts predict that Quantinuum Inc. will post -4.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QNT. Wellington Management Group LLP acquired a new stake in Quantinuum in the second quarter valued at approximately $92,418,000. HBK Investments L P acquired a new position in shares of Quantinuum during the second quarter worth $14,669,000. BlueCrest Capital Management Ltd purchased a new position in shares of Quantinuum in the second quarter valued at $14,304,000. Readystate Asset Management LP acquired a new stake in Quantinuum during the 2nd quarter valued at $4,111,000. Finally, Light Street Capital Management LLC purchased a new stake in Quantinuum during the 2nd quarter worth $2,881,000.

About Quantinuum

Quantinuum is a quantum computing and quantum information technology company that develops full-stack quantum computing systems, software and cybersecurity solutions. Its business combines trapped-ion quantum computing hardware with software designed to help organizations develop, test and run quantum applications.

The company offers quantum computing systems and related cloud access, as well as software products for quantum programming, algorithm development and chemistry research. Its portfolio has included the TKET software development toolkit, InQuanto for quantum chemistry and materials modeling, and Quantum Origin, a platform focused on quantum-enhanced cybersecurity and cryptographic key generation.