IQM Quantum Computers (NASDAQ:IQMX) Shares Down 4.8% – Here’s Why

IQM Quantum Computers (NASDAQ:IQMX) fell 4.8% during trading on Thursday . The stock traded as low as $9.00 and last traded at $8.8830. 546,080 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 440,275 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

A number of analysts have weighed in on IQMX shares. Wall Street Zen raised shares of IQM Quantum Computers to a “hold” rating in a report on Saturday, August 29th. Rothschild & Co Redburn assumed coverage on IQM Quantum Computers in a report on Monday, July 27th. They set a “neutral” rating and a $12.88 price objective on the stock. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.88.

IQM Quantum Computers Stock Performance

The business’s fifty day moving average price is $10.35.

IQM Quantum Computers (NASDAQ:IQMX) last released its quarterly earnings results on Tuesday, August 4th. The quantum computing company reported ($1.37) EPS for the quarter. The company had revenue of $7.77 million during the quarter.

About IQM Quantum Computers

IQM Quantum Computers is a Finnish quantum-computing company that develops superconducting quantum processors and complete quantum-computing systems. Its offerings are designed for research institutions, universities, government organizations and commercial enterprises seeking access to quantum-computing capabilities.

The company provides on-premises quantum computers, quantum processing units and related software and services. It also supports customers through cloud-based access and partnerships intended to help organizations develop and test quantum applications in areas such as scientific research, optimization and simulation.

Founded in Finland in 2018 by quantum-technology researchers and entrepreneurs, IQM has expanded its operations across Europe, including locations in Finland, Germany, France and Spain.