Quantum Computing (NASDAQ:QUBT) Trading Down 1.5% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) was down 1.5% during trading on Tuesday . The stock traded as low as $10.36 and last traded at $10.4160. Approximately 11,264,580 shares traded hands during trading, a decline of 58% from the average daily volume of 27,001,521 shares. The stock had previously closed at $10.57.

Analyst Upgrades and Downgrades

QUBT has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a research note on Thursday, December 18th. Wedbush began coverage on shares of Quantum Computing in a research report on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price objective on the stock. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Ascendiant Capital Markets dropped 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 note on Monday, December 22nd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.00.

Quantum Computing Price Performance

The company has a market cap of $2.33 billion, a price-to-earnings ratio of -17.08 and a beta of 3.81. The business’s fifty day moving average price is $12.51 and its 200 day moving average price is $15.96.

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

Institutional Trading of Quantum Computing

Hedge funds have recently bought and sold shares of the business. Triumph Capital Management purchased a new stake in shares of Quantum Computing in the third quarter worth approximately $45,000. Tudor Investment Corp ET AL purchased a new position in shares of Quantum Computing during the 3rd quarter valued at $4,582,000. Allworth Financial LP increased its stake in shares of Quantum Computing by 91.7% in the third quarter. Allworth Financial LP now owns 4,218 shares of the company’s stock worth $78,000 after purchasing an additional 2,018 shares in the last quarter. IFP Advisors Inc purchased a new position in shares of Quantum Computing in the third quarter valued at $61,000. Finally, Polar Asset Management Partners Inc. lifted its holdings in shares of Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after buying an additional 1,127,427 shares in the last quarter. 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.