Quantum Computing (NASDAQ:QUBT) Shares Down 4% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 4% on Wednesday . The company traded as low as $11.57 and last traded at $11.65. Approximately 13,675,310 shares traded hands during trading, a decline of 26% from the average daily volume of 18,433,922 shares. The stock had previously closed at $12.14.

Analyst Ratings Changes

QUBT has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. Lake Street Capital cut their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Ascendiant Capital Markets reduced their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a report on Thursday, December 18th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Quantum Computing currently has an average rating of “Hold” and an average price target of $17.00.

Quantum Computing Stock Performance

The stock’s 50 day moving average price is $11.73 and its 200 day moving average price is $15.53. The company has a market capitalization of $2.63 billion, a P/E ratio of -19.21 and a beta of 3.49.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.12 million.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 23.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after buying an additional 2,286,514 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Quantum Computing during the third quarter worth $123,014,000. Anson Funds Management LP boosted its stake in Quantum Computing by 14.9% during the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock worth $98,925,000 after acquiring an additional 695,092 shares in the last quarter. Ghisallo Capital Management LLC acquired a new stake in Quantum Computing in the third quarter worth $74,194,000. Finally, Polar Asset Management Partners Inc. increased its stake 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 in the last quarter. 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.