Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.3% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 1.3% during mid-day trading on Wednesday . The company traded as low as $10.15 and last traded at $10.26. Approximately 13,941,389 shares changed hands during trading, a decline of 48% from the average daily volume of 26,953,041 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

QUBT has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Wedbush began coverage on shares of Quantum Computing in a report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday. Lake Street Capital cut their target price 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. Finally, Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. 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’s stock. Based on data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average target price of $17.00.

Quantum Computing Stock Down 1.3%

The firm has a market cap of $2.30 billion, a P/E ratio of -16.82 and a beta of 3.81. The business’s 50 day moving average is $12.40 and its 200-day moving average is $15.92.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.12 million.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC acquired a new position in shares of Quantum Computing in the second quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Quantum Computing in the 2nd quarter valued at approximately $29,000. Farther Finance Advisors LLC boosted its stake in Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares during the period. FWL Investment Management LLC purchased a new position in Quantum Computing during the 2nd quarter worth approximately $33,000. Finally, New Millennium Group LLC acquired a new stake in Quantum Computing during the 3rd quarter valued at $36,000. 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.