Quantum Computing (NASDAQ:QUBT) Trading Down 2.8% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) fell 2.8% on Wednesday . The stock traded as low as $9.41 and last traded at $9.43. 11,434,792 shares traded hands during trading, a decline of 34% from the average session volume of 17,360,189 shares. The stock had previously closed at $9.70.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Performance

The firm’s 50-day simple moving average is $10.32 and its 200 day simple moving average is $9.65. The company has a market cap of $2.13 billion, a P/E ratio of -33.68 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 (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. As a group, research analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Institutional Trading of Quantum Computing

A number of institutional investors have recently bought and sold shares of QUBT. Vanguard Group Inc. raised its position in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares in the last quarter. SLT Holdings LLC boosted its holdings in shares of Quantum Computing by 1,028.7% during the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock valued at $1,737,000 after acquiring an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC bought a new stake in shares of Quantum Computing during the third quarter worth about $74,194,000. JPMorgan Chase & Co. grew its holdings in Quantum Computing by 1,612.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after acquiring an additional 879,374 shares during the last quarter. Finally, Polar Asset Management Partners Inc. increased its holdings in Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the period. Institutional investors own 4.26% of the company’s stock.

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.