Quantinuum (NASDAQ:QNT) Shares Down 4.6% – Here’s Why

Quantinuum Inc. (NASDAQ:QNT) was down 4.6% during mid-day trading on Wednesday. The stock traded as low as $40.90 and last traded at $41.01. 1,777,145 shares traded hands during trading, a decline of 24% from the average daily volume of 2,324,137 shares. The stock had previously closed at $43.00.

Analysts Set New Price Targets

A number of research firms have commented on QNT. JPMorgan Chase & Co. cut their price objective on shares of Quantinuum from $97.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, November 6th. BTIG Research initiated coverage on Quantinuum in a report on Thursday. They issued a “buy” rating and a $60.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and set a $155.00 price objective on shares of Quantinuum in a research report on Thursday, October 22nd. Weiss Ratings began coverage on Quantinuum in a research note on Monday, August 31st. They set a “sell (d)” rating on the stock. Finally, Bank of America lowered their price objective on Quantinuum from $85.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $80.21.

Quantinuum Stock Down 3.2%

The stock has a market cap of $9.55 billion and a PE ratio of -48.37. The stock has a 50-day moving average price of $42.71.

Quantinuum (NASDAQ:QNT) last issued its earnings results on Thursday, November 5th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.99) by $0.70. The firm had revenue of $9.05 million for the quarter. As a group, analysts expect that Quantinuum Inc. will post -4.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantinuum

Several large investors have recently modified their holdings of QNT. Wellington Management Group LLP acquired a new stake in shares of Quantinuum during the 2nd quarter worth about $92,418,000. Voya Investment Management LLC lifted its position in Quantinuum by 143.2% in the third quarter. Voya Investment Management LLC now owns 1,681,316 shares of the company’s stock valued at $80,804,000 after buying an additional 989,879 shares during the last quarter. State Street Corp acquired a new position in Quantinuum in the third quarter valued at about $18,491,000. HBK Investments L P purchased a new position in Quantinuum during the second quarter worth about $14,669,000. Finally, BlueCrest Capital Management Ltd purchased a new position in Quantinuum during the second quarter worth about $14,304,000.

About Quantinuum

Quantinuum develops quantum computers, software and cybersecurity products for businesses, researchers and government organizations. Its work includes trapped-ion quantum systems, tools for programming and managing quantum applications, and services focused on quantum chemistry and data security. The company was formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum, bringing together quantum hardware and software capabilities. Its offerings include the H-series quantum computers, the TKET software development kit and InQuanto, a platform for quantum chemistry research.