Quantum Computing (NASDAQ:QUBT) Trading Down 1.8% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 1.8% on Friday . The stock traded as low as $11.65 and last traded at $11.72. 17,361,452 shares were traded during trading, a decline of 2% from the average session volume of 17,669,734 shares. The stock had previously closed at $11.94.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. Lake Street Capital decreased their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Wedbush initiated coverage on Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target on the stock. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Quantum Computing Price Performance

The company has a market cap of $2.63 billion, a PE ratio of -19.21 and a beta of 3.49. The stock has a fifty day moving average price of $11.83 and a 200-day moving average price of $15.57.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.12 million.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in Quantum Computing by 81.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 23,039 shares of the company’s stock worth $236,000 after acquiring an additional 10,326 shares during the period. Aventura Private Wealth LLC acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $26,000. JPMorgan Chase & Co. increased its stake in shares of Quantum Computing by 1,612.0% in the third quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after purchasing an additional 879,374 shares during the period. Tudor Investment Corp ET AL bought a new stake in Quantum Computing during the 3rd quarter valued at approximately $4,582,000. Finally, Triumph Capital Management acquired a new stake in Quantum Computing in the 3rd quarter valued at approximately $45,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.