Quantum Computing (NASDAQ:QUBT) Trading Down 6.3% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 6.3% during trading on Thursday . The company traded as low as $9.00 and last traded at $9.09. 14,791,237 shares were traded during mid-day trading, a decline of 15% from the average session volume of 17,467,021 shares. The stock had previously closed at $9.70.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on QUBT shares. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, June 15th. Northland Securities began coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald reiterated a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Wednesday. Finally, Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Stock Up 1.0%

The business’s fifty day moving average is $10.30 and its 200-day moving average is $9.72. The company has a market cap of $2.07 billion, a PE ratio of -32.78 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly 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 business had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. Analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Aventura Private Wealth LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at about $26,000. International Assets Investment Management LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $26,000. Rhumbline Advisers purchased a new stake in shares of Quantum Computing in the first quarter worth $28,000. Tucker Asset Management LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth $29,000. Finally, Toth Financial Advisory Corp raised its position in shares of Quantum Computing by 50.0% during the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.