Quantum Computing (NASDAQ:QUBT) Shares Down 2.2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 2.2% on Wednesday . The stock traded as low as $11.12 and last traded at $11.42. Approximately 20,137,322 shares traded hands during trading, an increase of 18% from the average daily volume of 17,055,998 shares. The stock had previously closed at $11.68.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on QUBT shares. Cantor Fitzgerald decreased their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. 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 objective for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. 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 company’s stock. Based on data from MarketBeat.com, Quantum Computing currently has an average rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Stock Down 2.2%

The firm has a market capitalization of $2.58 billion, a PE ratio of -40.78 and a beta of 3.70. The stock’s fifty day simple moving average is $8.73 and its 200 day simple moving average is $9.88.

Quantum Computing (NASDAQ:QUBT) last announced 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 business had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current year.

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the completion of the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently modified their holdings of the company. Toth Financial Advisory Corp boosted its position in shares of Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Signaturefd LLC boosted its position in shares of Quantum Computing by 36.5% in the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares during the period. Two Sigma Investments LP boosted 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 worth $749,000 after purchasing an additional 1,001 shares during the period. PNC Financial Services Group Inc. boosted its position 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 purchasing an additional 1,057 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock worth $93,000 after purchasing an additional 1,525 shares during the period. 4.26% of the stock is currently 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.