Quantum Computing (NASDAQ:QUBT) Trading Down 7.6% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 7.6% during mid-day trading on Monday . The company traded as low as $7.92 and last traded at $8.00. 11,044,765 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 16,959,047 shares. The stock had previously closed at $8.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on QUBT shares. Rosenblatt Securities restated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Monday, June 29th. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Northland Securities assumed coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price on the stock. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Four investment 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. According to data from MarketBeat, Quantum Computing has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Performance

The company has a market cap of $1.81 billion, a P/E ratio of -28.64 and a beta of 3.78. The stock has a 50-day moving average of $10.30 and a two-hundred day moving average of $9.52.

Quantum Computing (NASDAQ:QUBT) last posted 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 analysts’ expectations of $3.13 million. As a group, sell-side analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Vanguard Group Inc. lifted its stake 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 acquiring an additional 4,643,818 shares during the last quarter. Marex Group plc increased its stake in Quantum Computing by 255.6% in the 4th 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 during the period. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the third quarter valued at approximately $123,014,000. Anson Funds Management LP lifted its position in Quantum Computing by 14.9% in the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 45.5% during the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after purchasing an additional 1,428,120 shares during the period. 4.26% of the stock is owned by 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.