Quantum Computing (NASDAQ:QUBT) Shares Down 3.5% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 3.5% during mid-day trading on Wednesday . The company traded as low as $9.68 and last traded at $9.77. 12,731,115 shares traded hands during trading, a decline of 27% from the average session volume of 17,388,654 shares. The stock had previously closed at $10.12.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QUBT. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Cantor Fitzgerald lowered their price target on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday. Northland Securities began coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Ascendiant Capital Markets boosted their price target on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Down 3.5%

The company has a 50 day moving average of $9.88 and a 200 day moving average of $9.81. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -34.89 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last released 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 during the quarter, compared to analyst estimates of $3.13 million. As a group, equities research analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing in the third quarter worth about $123,014,000. Marex Group plc lifted its stake in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after acquiring an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. Ghisallo Capital Management LLC acquired a new stake in Quantum Computing during the third quarter valued at approximately $74,194,000. Finally, Defiance ETFs LLC acquired a new stake in Quantum Computing during the fourth quarter valued at approximately $33,071,000. 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.