Quantum Computing (NASDAQ:QUBT) Shares Down 3.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 3.5% on Wednesday . The stock traded as low as $9.68 and last traded at $9.77. Approximately 12,731,115 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 17,388,654 shares. The stock had previously closed at $10.12.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on QUBT shares. Northland Securities started coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Cantor Fitzgerald lowered their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Ascendiant Capital Markets boosted their target price on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

The firm’s fifty day simple moving average is $10.02 and its 200-day simple moving average is $9.79. The company has a market cap of $2.43 billion, a PE ratio of -38.43 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data 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 business had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of the stock. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing in the second quarter valued at $33,000. New Millennium Group LLC purchased a new stake in Quantum Computing during the 3rd quarter worth about $36,000. Triumph Capital Management acquired a new position in Quantum Computing in the 3rd quarter valued at about $45,000. Aventura Private Wealth LLC acquired a new position in Quantum Computing in the 4th quarter valued at about $26,000. Finally, International Assets Investment Management LLC purchased a new position in Quantum Computing in the 4th quarter valued at about $26,000. 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.