Quantum Computing (NASDAQ:QUBT) Trading Down 2.2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 2.2% during mid-day trading on Tuesday . The stock traded as low as $9.44 and last traded at $9.70. Approximately 11,453,635 shares traded hands during trading, a decline of 34% from the average daily volume of 17,407,736 shares. The stock had previously closed at $9.92.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Northland Securities began coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Finally, Ascendiant Capital Markets lifted their target price on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Four 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

The business has a 50 day simple moving average of $10.31 and a 200 day simple moving average of $9.63. The stock has a market cap of $2.04 billion, a PE ratio of -32.32 and a beta of 3.79.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $3.13 million. As a group, sell-side analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at $26,000. International Assets Investment Management LLC bought a new position in Quantum Computing during the fourth quarter valued at about $26,000. Rhumbline Advisers acquired a new stake in shares of Quantum Computing in the first quarter worth about $28,000. Tucker Asset Management LLC acquired a new stake in shares of Quantum Computing in the fourth quarter worth about $29,000. Finally, Toth Financial Advisory Corp boosted its stake in shares of Quantum Computing by 50.0% during the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.