Quantum Computing (NASDAQ:QUBT) Hits New 52-Week Low – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares reached a new 52-week low during trading on Friday. The stock traded as low as $5.39 and last traded at $5.4550, with a volume of 2,377,597 shares traded. The stock had previously closed at $5.82.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on QUBT shares. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Rosenblatt Securities reissued a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research note on Monday, October 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Tuesday, August 11th. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “sell” rating in a report on Saturday, October 31st. Finally, Wedbush restated a “neutral” rating on shares of Quantum Computing in a report on Tuesday. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Quantum Computing presently has an average rating of “Hold” and an average target price of $18.67.

Quantum Computing Stock Down 5.8%

The stock has a 50-day moving average price of $7.41 and a 200 day moving average price of $8.51. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -36.63 and a beta of 3.95.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, November 9th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $9.50 million for the quarter, compared to analysts’ expectations of $7.61 million. During the same quarter last year, the business posted $0.01 earnings per share. As a group, equities analysts forecast that Quantum Computing Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of QUBT. First Trust Advisors LP purchased a new stake in shares of Quantum Computing during the 3rd quarter worth $4,431,000. Cibc World Market Inc. acquired a new position in shares of Quantum Computing during the third quarter worth $185,000. HighTower Advisors LLC grew its stake in shares of Quantum Computing by 19.2% during the third quarter. HighTower Advisors LLC now owns 60,681 shares of the company’s stock worth $513,000 after purchasing an additional 9,763 shares in the last quarter. Proactive Wealth Strategies LLC increased its holdings in Quantum Computing by 21.4% in the third quarter. Proactive Wealth Strategies LLC now owns 17,000 shares of the company’s stock valued at $144,000 after buying an additional 3,000 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Quantum Computing in the third quarter valued at $28,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

About Quantum Computing

Quantum Computing Inc. (QCi) develops quantum computing hardware and software, with a focus on photonics and systems designed to operate at room temperature. The company aims to make quantum technology more accessible for commercial and research applications. Its offerings include the Dirac quantum computing systems and software for optimization problems. QCi also develops photonic technologies for applications such as quantum sensing and cybersecurity. The company serves customers and organizations pursuing quantum computing and related technologies.