Quantum Computing (NASDAQ:QUBT) Trading Down 5.4% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 5.4% on Friday . The stock traded as low as $8.60 and last traded at $8.66. Approximately 8,323,528 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 17,020,021 shares. The stock had previously closed at $9.15.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on QUBT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Northland Securities initiated coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a research report on Monday. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Monday, June 29th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Quantum Computing has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Trading Down 5.4%

The company has a market cap of $1.95 billion, a price-to-earnings ratio of -30.93 and a beta of 3.78. The company has a fifty day moving average price of $10.29 and a two-hundred day moving average price of $9.55.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates 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 anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Handelsbanken Fonder AB lifted its holdings in shares of Quantum Computing by 50.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 65,700 shares of the company’s stock worth $637,000 after acquiring an additional 21,900 shares during the period. Focus Financial Network Inc. increased its stake in Quantum Computing by 402.6% in the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after acquiring an additional 730,240 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in Quantum Computing by 24.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 63,236 shares of the company’s stock valued at $613,000 after acquiring an additional 12,417 shares during the period. GK Wealth Management LLC bought a new stake in Quantum Computing in the second quarter valued at about $116,000. Finally, Amundi acquired a new position in Quantum Computing in the first quarter worth about $503,000. 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.