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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) 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 changed hands during mid-day 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 research firms recently weighed in on QUBT. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Northland Securities assumed coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.33.

Quantum Computing Price Performance

The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -31.03 and a beta of 3.78. The stock’s 50 day simple moving average is $10.29 and its 200-day simple moving average is $9.58.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. As a group, equities research analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently bought and sold shares of the company. FWL Investment Management LLC bought a new position in Quantum Computing in the 2nd quarter valued at approximately $33,000. Triumph Capital Management purchased a new position in Quantum Computing during the third quarter worth about $45,000. Aventura Private Wealth LLC bought a new position in Quantum Computing in the 4th quarter valued at $26,000. International Assets Investment Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $26,000. Finally, Tucker Asset Management LLC purchased a new stake in Quantum Computing during the fourth quarter valued at about $29,000. 4.26% of the stock is owned by institutional investors.

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.