IQM Quantum Computers (NASDAQ:IQMX) Reaches New 1-Year Low – Should You Sell?

Shares of IQM Quantum Computers (NASDAQ:IQMX) reached a new 52-week low on Monday. The stock traded as low as $8.40 and last traded at $8.43, with a volume of 39,705 shares traded. The stock had previously closed at $8.58.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IQMX. Weiss Ratings began coverage on shares of IQM Quantum Computers in a research report on Friday, September 25th. They set a “sell (d)” rating on the stock. Zacks Research upgraded IQM Quantum Computers to a “hold” rating in a research report on Tuesday, October 6th. Wall Street Zen lowered IQM Quantum Computers from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. BTIG Research initiated coverage on IQM Quantum Computers in a research note on Monday, September 21st. They issued a “buy” rating and a $20.00 target price for the company. Finally, TD Cowen began coverage on shares of IQM Quantum Computers in a research note on Friday, October 2nd. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.44.

IQM Quantum Computers Stock Performance

The company’s 50-day moving average is $10.05. The stock has a market capitalization of $2.19 billion, a P/E ratio of -6.08 and a beta of 0.78.

IQM Quantum Computers (NASDAQ:IQMX) last posted its quarterly earnings results on Tuesday, August 4th. The quantum computing company reported ($1.37) earnings per share for the quarter. The firm had revenue of $7.77 million during the quarter. Analysts predict that IQM Quantum Computers will post -3.30 EPS for the current fiscal year.

Institutional Trading of IQM Quantum Computers

A hedge fund recently bought a new stake in IQM Quantum Computers stock. GAMMA Investing LLC acquired a new stake in shares of IQM Quantum Computers (NASDAQ:IQMX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,943 shares of the quantum computing company’s stock, valued at approximately $31,000.

About IQM Quantum Computers

IQM Quantum Computers is a Finnish quantum-computing company that develops full-stack quantum systems based on superconducting quantum processors. The company provides quantum hardware, control electronics, software and related integration services designed to help research institutions, businesses and public-sector organizations explore quantum applications.

Founded in 2018 by a group of quantum-technology researchers and entrepreneurs, including Chief Executive Officer and co-founder Jan Goetz, IQM has its headquarters in Espoo, Finland.