IQM Quantum Computers (NASDAQ:IQMX) Sets New 12-Month Low – Here’s Why

IQM Quantum Computers (NASDAQ:IQMX)’s share price hit a new 52-week low during trading on Thursday. The company traded as low as $7.26 and last traded at $7.3070, with a volume of 2,171 shares. The stock had previously closed at $7.49.

Wall Street Analyst Weigh In

IQMX has been the topic of several analyst reports. Weiss Ratings started coverage on IQM Quantum Computers in a research report on Friday, September 25th. They set a “sell (d)” rating on the stock. TD Cowen started coverage on IQM Quantum Computers in a report on Friday, October 2nd. They set a “buy” rating on the stock. Zacks Research upgraded IQM Quantum Computers to a “hold” rating in a research report on Tuesday, October 6th. BTIG Research started coverage on shares of IQM Quantum Computers in a research note on Monday, September 21st. They set a “buy” rating and a $20.00 price objective for the company. Finally, Rothschild & Co Redburn initiated coverage on shares of IQM Quantum Computers in a research report on Monday, July 27th. They set a “neutral” rating and a $12.88 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.44.

IQM Quantum Computers Stock Down 1.6%

The company’s 50 day simple moving average is $9.63. The company has a market capitalization of $1.94 billion, a PE ratio of -3.18 and a beta of 0.77.

IQM Quantum Computers (NASDAQ:IQMX) last posted its quarterly earnings results on Thursday, November 5th. The quantum computing company reported ($0.93) EPS for the quarter. On average, equities analysts expect that IQM Quantum Computers will post -4.00 EPS for the current year.

Hedge Funds Weigh In On IQM Quantum Computers

A number of institutional investors have recently modified their holdings of the stock. SLT Holdings LLC purchased a new position in shares of IQM Quantum Computers during the third quarter worth approximately $775,000. State Street Corp bought a new stake in shares of IQM Quantum Computers during the third quarter valued at approximately $810,000. HighTower Advisors LLC purchased a new stake in shares of IQM Quantum Computers in the third quarter valued at approximately $5,878,000. Private Management Group Inc. purchased a new stake in shares of IQM Quantum Computers in the third quarter valued at approximately $162,000. Finally, GAMMA Investing LLC purchased a new stake in shares of IQM Quantum Computers in the third quarter valued at approximately $31,000.

IQM Quantum Computers Company Profile

IQM Quantum Computers is a Finnish company that develops superconducting quantum computers and related software. Founded in 2018 and headquartered in Espoo, it supplies quantum-computing systems and services to research organizations, universities, high-performance computing centers and businesses. The company offers systems that customers can install on-site, as well as access to quantum computers through cloud services. Its work spans quantum hardware, software and system integration, with the goal of helping customers research and develop applications for quantum computing.