Quantum Computing (NASDAQ:QUBT) Sets New 1-Year Low – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $6.11 and last traded at $6.1780, with a volume of 315,510 shares. The stock had previously closed at $6.31.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “sell” rating in a report on Saturday, September 26th. Ascendiant Capital Markets raised their price objective on Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, August 26th. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Wedbush initiated coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 target price on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research report on Monday, June 29th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.67.

Quantum Computing Trading Down 2.7%

The firm has a market capitalization of $1.39 billion, a P/E ratio of -87.73 and a beta of 3.75. The company has a 50 day simple moving average of $8.29 and a two-hundred day simple moving average of $8.91.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. On average, sell-side analysts expect that Quantum Computing Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Quantum Computing during the 2nd quarter worth approximately $172,020,000. Bank of New York Mellon Corp purchased a new stake in Quantum Computing in the 2nd quarter valued at about $19,164,000. Pacific Heights Asset Management LLC bought a new position in Quantum Computing in the 2nd quarter worth about $9,700,000. Focus Financial Network Inc. raised its stake in shares of Quantum Computing by 402.6% during the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after acquiring an additional 730,240 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Quantum Computing by 393.8% in the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock worth $4,574,000 after purchasing an additional 532,451 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Company Profile

Quantum Computing, Inc (NASDAQ:QUBT), also known as QCi, develops quantum and photonic computing technologies intended to make quantum-based solutions more accessible to commercial, government and research customers. The company focuses on applications involving optimization, machine learning, cybersecurity, artificial intelligence and other complex computational problems.

QCi’s offerings have included software tools and quantum-computing systems designed for optimization and related workloads, including its Qatalyst software platform and Dirac photonic quantum computing systems.