Quantum Computing (NASDAQ:QUBT) Shares Down 2% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 2% during mid-day trading on Monday . The stock traded as low as $10.45 and last traded at $10.54. Approximately 16,464,294 shares changed hands during trading, a decline of 6% from the average daily volume of 17,423,367 shares. The stock had previously closed at $10.76.

Trending Headlines about Quantum Computing

Here are the key news stories impacting Quantum Computing this week:

• Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating on Quantum Computing Inc. and set a $22 price target, implying substantial upside from recent trading levels.
• Positive Sentiment: Quantum Computing Inc. completed its NHanced Semiconductors acquisition, a move that expands semiconductor and photonic manufacturing capacity and should help scale commercialization of its quantum and photonic technologies. Quantum Computing Inc. Completes Acquisition of NHanced Semiconductors, Inc.
• Positive Sentiment: The company’s NeuraWave unit landed a Planck Dynamics deal, highlighting demand for photonic AI systems and suggesting a potential program worth more than $10 million. What Makes NeuraWave Suited for Quantum Computing’s Growth Strategy?
• Positive Sentiment: Several articles framed QUBT as a potential winner in the quantum-computing sector, with commentary pointing to improving earnings, record revenue, and the company’s commercialization strategy as reasons investors may be re-rating the stock higher.
• Neutral Sentiment: Broader sector news has been mixed, with some quantum stocks rallying on industry optimism while others lag, which may be contributing to volatility in QUBT. Quantum computing stocks mixed amid Trump executive orders, 2028 target
• Negative Sentiment: Despite the upbeat company-specific news, trader commentary noted ongoing concerns about sector dispersion and valuation, and insider trading data shows recent insider sales rather than purchases, which can weigh on sentiment.

Wall Street Analyst Weigh In

Several research firms recently weighed in on QUBT. Ascendiant Capital Markets upped their price target on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Northland Securities initiated coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Performance

The firm has a market capitalization of $2.19 billion, a P/E ratio of -34.64 and a beta of 3.72. The firm has a 50-day moving average of $10.24 and a 200-day moving average of $9.78.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating 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. On average, research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in shares of Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after acquiring an additional 19,527 shares during the period. Millennium Management LLC lifted its position in Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after purchasing an additional 2,280 shares during the last quarter. Rhumbline Advisers bought a new stake in Quantum Computing in the 1st quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. grew its position in Quantum Computing by 12,826.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after purchasing an additional 54,129 shares during the period. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.