Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.5% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 1.5% on Tuesday . The company traded as low as $10.36 and last traded at $10.4160. Approximately 11,264,580 shares traded hands during trading, a decline of 58% from the average daily volume of 27,001,521 shares. The stock had previously closed at $10.57.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wedbush assumed coverage on shares of Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Monday. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 target price on shares of Quantum Computing in a report on Thursday, December 18th. Lake Street Capital reduced their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 17th. Finally, Ascendiant Capital Markets decreased their price target on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Stock Down 1.5%

The company has a market cap of $2.33 billion, a PE ratio of -17.08 and a beta of 3.81. The firm has a 50 day simple moving average of $12.51 and a 200-day simple moving average of $15.96.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of QUBT. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing during the 2nd quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Quantum Computing during the second quarter valued at $29,000. Farther Finance Advisors LLC increased its holdings in Quantum Computing by 724.7% in the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after buying an additional 1,319 shares in the last quarter. FWL Investment Management LLC acquired a new position in shares of Quantum Computing in the second quarter worth about $33,000. Finally, New Millennium Group LLC purchased a new stake in shares of Quantum Computing during the 3rd quarter worth about $36,000. 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.