Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.6% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 6.6% during trading on Monday . The company traded as low as $8.27 and last traded at $8.3350. 3,421,767 shares traded hands during trading, a decline of 78% from the average daily volume of 15,395,157 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

Several brokerages recently issued reports on QUBT. Ascendiant Capital Markets raised their price objective on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a report on Tuesday, August 11th. Wedbush initiated coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target on the stock. Finally, Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 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.com, the company presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Performance

The firm has a 50 day simple moving average of $8.88 and a two-hundred day simple moving average of $8.89. The stock has a market cap of $1.87 billion, a P/E ratio of -118.25 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million. As a group, equities research analysts predict that Quantum Computing Inc. will post -0.18 EPS for the current year.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently bought and sold shares of QUBT. FWL Investment Management LLC bought a new stake in shares of Quantum Computing during the 2nd quarter worth about $33,000. Triumph Capital Management acquired a new position in shares of Quantum Computing during the third quarter valued at approximately $45,000. International Assets Investment Management LLC bought a new stake in Quantum Computing during the fourth quarter worth approximately $26,000. Tucker Asset Management LLC bought a new stake in Quantum Computing during the fourth quarter worth approximately $29,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Quantum Computing in the second quarter worth approximately $29,000. 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.