Quantum Computing (NASDAQ:QUBT) Shares Down 2.8% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) fell 2.8% on Wednesday . The stock traded as low as $9.41 and last traded at $9.43. Approximately 11,434,792 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 17,360,189 shares. The stock had previously closed at $9.70.

Analyst Ratings Changes

QUBT has been the subject of a number of recent research reports. Northland Securities initiated coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.33.

Quantum Computing Stock Performance

The stock has a 50-day simple moving average of $10.30 and a 200-day simple moving average of $9.61. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -32.32 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the third quarter valued at about $123,014,000. Marex Group plc lifted its holdings in Quantum Computing by 255.6% during the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after buying an additional 4,643,818 shares during the last quarter. Ghisallo Capital Management LLC acquired a new position in shares of Quantum Computing in the 3rd quarter worth approximately $74,194,000. Finally, Defiance ETFs LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth 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.