Quantum Computing (NASDAQ:QUBT) Shares Down 2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 2% during mid-day trading on Monday . The stock traded as low as $10.45 and last traded at $10.54. 16,464,294 shares were traded during trading, a decline of 6% from the average daily volume of 17,423,367 shares. The stock had previously closed at $10.76.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Ascendiant Capital Markets upped their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, June 15th. Northland Securities began coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Cantor Fitzgerald dropped their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Stock Down 2.0%

The company’s 50-day moving average is $10.10 and its 200 day moving average is $9.79. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -37.64 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. Analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in Quantum Computing by 57.1% in the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after purchasing an additional 19,527 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after buying an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after buying an additional 2,280 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the first quarter worth about $28,000. Finally, JPMorgan Chase & Co. boosted its position in Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after acquiring an additional 54,129 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.