Quantum Computing (NASDAQ:QUBT) Shares Down 6.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 6.3% on Thursday . The stock traded as low as $9.00 and last traded at $9.09. Approximately 14,791,237 shares traded hands during trading, a decline of 15% from the average daily volume of 17,467,021 shares. The stock had previously closed at $9.70.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on QUBT shares. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Wednesday. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research report on Wednesday. Ascendiant Capital Markets upped their price target on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, Northland Securities began coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Four equities 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 MarketBeat, Quantum Computing presently has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Trading Down 6.3%

The company’s 50-day moving average is $10.29 and its two-hundred day moving average is $9.75. The stock has a market capitalization of $2.05 billion, a P/E ratio of -32.46 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. Sell-side analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Toth Financial Advisory Corp raised its position in shares of Quantum Computing by 50.0% during the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Quantum Computing by 36.5% in the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after acquiring an additional 1,000 shares in the last quarter. Two Sigma Investments LP boosted its stake in Quantum Computing by 2.5% during the 3rd quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after purchasing an additional 1,001 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Quantum Computing by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock valued at $86,000 after purchasing an additional 1,057 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Quantum Computing by 43.5% during the 3rd quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock valued at $93,000 after purchasing an additional 1,525 shares during the period. Institutional investors and hedge funds 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.