Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.8% – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 1.8% during trading on Friday . The company traded as low as $11.65 and last traded at $11.72. Approximately 17,361,452 shares changed hands during trading, a decline of 2% from the average daily volume of 17,669,734 shares. The stock had previously closed at $11.94.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on QUBT shares. Ascendiant Capital Markets dropped their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Quantum Computing in a research report on Thursday, December 18th. Wedbush initiated coverage on Quantum Computing in a research note on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target on the stock. Lake Street Capital decreased their price target on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average target price of $17.00.

Quantum Computing Price Performance

The business has a 50 day simple moving average of $11.83 and a 200 day simple moving average of $15.57. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -19.21 and a beta of 3.49.

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

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC bought a new position in Quantum Computing in the second quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Quantum Computing during the second quarter worth $29,000. Farther Finance Advisors LLC boosted its holdings in Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares during the period. FWL Investment Management LLC bought a new stake in shares of Quantum Computing in the second quarter valued at approximately $33,000. Finally, New Millennium Group LLC bought a new position in Quantum Computing in the 3rd quarter valued at about $36,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.