Quantum Computing (NASDAQ:QUBT) Shares Down 4.6% on Analyst Downgrade

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 4.6% on Tuesday after Ascendiant Capital Markets lowered their price target on the stock from $40.00 to $25.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as low as $11.58 and last traded at $11.73. Approximately 16,174,254 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 27,251,102 shares. The stock had previously closed at $12.29.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 15th. Wedbush initiated coverage on Quantum Computing in a research report on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price target for the company. Finally, Lake Street Capital dropped their price objective on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.00.

Institutional Trading of Quantum Computing

A number of institutional investors have recently bought and sold shares of QUBT. Vanguard Group Inc. grew its stake in shares of Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Quantum Computing by 66.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 50,878 shares of the company’s stock valued at $407,000 after buying an additional 20,305 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Quantum Computing in the 1st quarter valued at about $78,000. Swiss National Bank acquired a new position in Quantum Computing in the 1st quarter worth about $1,806,000. Finally, AlphaQuest LLC purchased a new position in Quantum Computing during the first quarter worth approximately $170,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Price Performance

The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -19.23 and a beta of 3.81. The firm has a fifty day simple moving average of $13.34 and a 200 day simple moving average of $16.13.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.12 million.

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.