Quantum Computing (NASDAQ:QUBT) Shares Down 7.5% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 7.5% during trading on Wednesday . The company traded as low as $9.61 and last traded at $9.70. Approximately 18,371,181 shares changed hands during trading, an increase of 5% from the average daily volume of 17,482,783 shares. The stock had previously closed at $10.49.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on QUBT shares. Northland Securities assumed coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday. Finally, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Four 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

The stock has a 50-day moving average price of $10.31 and a 200-day moving average price of $9.72. The firm has a market capitalization of $2.07 billion, a PE ratio of -32.50 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, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. As a group, equities research analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing in the third quarter valued at $123,014,000. Marex Group plc increased its position in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. Ghisallo Capital Management LLC acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at about $74,194,000. Finally, Defiance ETFs LLC acquired a new stake in shares of Quantum Computing in the 4th quarter valued at about $33,071,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.