Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 2.2% on Tuesday . The company traded as low as $9.44 and last traded at $9.70. 11,453,635 shares were traded during trading, a decline of 34% from the average session volume of 17,407,736 shares. The stock had previously closed at $9.92.

Analysts Set New Price Targets

A number of research firms have commented on QUBT. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research report on Wednesday, June 24th. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Rosenblatt Securities set a $22.00 price target on Quantum Computing and gave the stock a “buy” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Northland Securities assumed coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned 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 price target of $18.33.

Quantum Computing Price Performance

The firm has a market capitalization of $2.19 billion, a P/E ratio of -34.64 and a beta of 3.72. The company’s 50-day simple moving average is $10.31 and its two-hundred day simple moving average is $9.67.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. Analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. purchased a new position in Quantum Computing during the third quarter valued at approximately $123,014,000. Marex Group plc increased its stake in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after purchasing an additional 4,643,818 shares during the period. Ghisallo Capital Management LLC bought a new stake in shares of Quantum Computing during the 3rd quarter valued at $74,194,000. Finally, Defiance ETFs LLC bought a new stake in shares of Quantum Computing during the 4th quarter valued at $33,071,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.