Quantum Computing (NASDAQ:QUBT) Shares Down 4% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) was down 4% on Thursday . The stock traded as low as $8.94 and last traded at $9.05. Approximately 12,019,484 shares were traded during trading, a decline of 31% from the average session volume of 17,317,768 shares. The stock had previously closed at $9.43.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $10.00 price target on shares of Quantum Computing in a report on Wednesday, June 24th. Northland Securities started coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Finally, Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, June 15th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Price Performance

The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -32.32 and a beta of 3.79. The stock’s 50 day simple moving average is $10.31 and its 200-day simple moving average is $9.63.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. As a group, equities research analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

Several large investors have recently made changes to their positions in QUBT. Toth Financial Advisory Corp raised its stake in shares of Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Signaturefd LLC grew its holdings in Quantum Computing by 36.5% during the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. Two Sigma Investments LP raised its position in shares of Quantum Computing by 2.5% in the third 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 during the period. PNC Financial Services Group Inc. lifted its stake in shares of Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock worth $86,000 after buying an additional 1,057 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings 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 worth $93,000 after buying an additional 1,525 shares during the period. 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.