Quantum Computing (NASDAQ:QUBT) Trading Down 2% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 2% on Monday . The company traded as low as $10.45 and last traded at $10.54. 16,464,294 shares traded hands during trading, a decline of 6% from the average session volume of 17,423,367 shares. The stock had previously closed at $10.76.

Wall Street Analyst Weigh In

QUBT has been the subject of several analyst reports. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Northland Securities assumed coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald decreased their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Ascendiant Capital Markets raised 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. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Price Performance

The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -37.64 and a beta of 3.72. The company’s fifty day moving average price is $10.10 and its 200-day moving average price is $9.79.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. FWL Investment Management LLC purchased a new stake in Quantum Computing in the second quarter valued at approximately $33,000. Triumph Capital Management purchased a new position in Quantum Computing during the 3rd quarter worth approximately $45,000. Aventura Private Wealth LLC purchased a new position in Quantum Computing during the 4th quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $26,000. Finally, Tucker Asset Management LLC acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $29,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.