IQM Quantum Computers (NASDAQ:IQMX) Hits New 12-Month Low – Time to Sell?

IQM Quantum Computers (NASDAQ:IQMX) reached a new 52-week low during trading on Monday. The company traded as low as $8.40 and last traded at $8.43, with a volume of 39,705 shares changing hands. The stock had previously closed at $8.58.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IQMX. BTIG Research started coverage on IQM Quantum Computers in a report on Monday, September 21st. They set a “buy” rating and a $20.00 price target on the stock. Zacks Research upgraded IQM Quantum Computers to a “hold” rating in a report on Tuesday, October 6th. Rothschild & Co Redburn started coverage on shares of IQM Quantum Computers in a report on Monday, July 27th. They set a “neutral” rating and a $12.88 target price on the stock. Weiss Ratings initiated coverage on IQM Quantum Computers in a report on Friday, September 25th. They issued a “sell (d)” rating on the stock. Finally, Wall Street Zen downgraded shares of IQM Quantum Computers from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.44.

IQM Quantum Computers Stock Down 2.9%

The company’s 50-day simple moving average is $10.05. The stock has a market capitalization of $2.19 billion, a PE ratio of -6.08 and a beta of 0.78.

IQM Quantum Computers (NASDAQ:IQMX) last released its earnings results on Tuesday, August 4th. The quantum computing company reported ($1.37) EPS for the quarter. The company had revenue of $7.77 million during the quarter. As a group, analysts anticipate that IQM Quantum Computers will post -3.30 EPS for the current fiscal year.

Hedge Funds Weigh In On IQM Quantum Computers

A hedge fund recently bought a new position in IQM Quantum Computers stock. SLT Holdings LLC purchased a new stake in IQM Quantum Computers (NASDAQ:IQMX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 74,750 shares of the quantum computing company’s stock, valued at approximately $775,000.

IQM Quantum Computers Company Profile

IQM Quantum Computers is a Finnish quantum-computing company that develops full-stack quantum systems based on superconducting quantum processors. The company provides quantum hardware, control electronics, software and related integration services designed to help research institutions, businesses and public-sector organizations explore quantum applications.

Founded in 2018 by a group of quantum-technology researchers and entrepreneurs, including Chief Executive Officer and co-founder Jan Goetz, IQM has its headquarters in Espoo, Finland.