Quantum Computing (NASDAQ:QUBT) Shares Down 7.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 7.3% during mid-day trading on Tuesday . The company traded as low as $8.48 and last traded at $8.69. 13,800,311 shares were traded during trading, a decline of 20% from the average session volume of 17,204,604 shares. The stock had previously closed at $9.37.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a report on Monday. Cantor Fitzgerald reiterated a “neutral” rating and set a $10.00 price target on shares of Quantum Computing in a report on Wednesday, June 24th. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

The stock has a fifty day moving average of $10.29 and a 200 day moving average of $9.58. The firm has a market capitalization of $1.96 billion, a P/E ratio of -31.03 and a beta of 3.78.

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

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing during the 3rd quarter worth approximately $123,014,000. Marex Group plc increased its stake in shares of Quantum Computing by 255.6% during the fourth 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 in the last quarter. Vanguard Group Inc. lifted its holdings in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after purchasing an additional 4,643,818 shares in the last quarter. Ghisallo Capital Management LLC acquired a new position in shares of Quantum Computing during the 3rd quarter worth approximately $74,194,000. Finally, Defiance ETFs LLC purchased a new stake in shares of Quantum Computing in the fourth quarter valued at about $33,071,000. Hedge funds and other institutional investors 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.