Quantum Computing (NASDAQ:QUBT) Shares Down 2.5% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 2.5% during mid-day trading on Wednesday . The stock traded as low as $11.18 and last traded at $11.44. 7,823,078 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 27,178,471 shares. The stock had previously closed at $11.73.

Analysts Set New Price Targets

A number of research firms have weighed in on QUBT. Wedbush initiated coverage on Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective for the company. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a report on Thursday, December 18th. Lake Street Capital dropped their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Finally, Ascendiant Capital Markets cut their price objective on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.00.

Quantum Computing Stock Performance

The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of -18.75 and a beta of 3.80. The firm has a fifty day moving average price of $13.14 and a 200 day moving average price of $16.12.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC acquired a new position in Quantum Computing during the second quarter worth about $28,000. Farther Finance Advisors LLC boosted its stake in shares of Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after acquiring an additional 1,319 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Quantum Computing in the 1st quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the 2nd quarter valued at approximately $29,000. Finally, FWL Investment Management LLC purchased a new position in Quantum Computing in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds 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.