IQM Quantum Computers (NASDAQ:IQMX) Shares Gap Up – Should You Buy?

IQM Quantum Computers (NASDAQ:IQMX)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $10.71, but opened at $11.00. IQM Quantum Computers shares last traded at $10.56, with a volume of 217,135 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of IQM Quantum Computers to a “hold” rating in a research note on Saturday, August 29th. Rothschild & Co Redburn assumed coverage on shares of IQM Quantum Computers in a research report on Monday, July 27th. They issued a “neutral” rating and a $12.88 target price for the company. Finally, BTIG Research assumed coverage on shares of IQM Quantum Computers in a research note on Monday. They issued a “buy” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.44.

IQM Quantum Computers Stock Performance

The company’s 50 day simple moving average is $10.28.

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