Quantum Computing (NASDAQ:QUBT) Shares Down 2.2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 2.2% on Wednesday . The company traded as low as $11.12 and last traded at $11.42. 20,137,322 shares traded hands during trading, an increase of 18% from the average session volume of 17,055,998 shares. The stock had previously closed at $11.68.

Analyst Ratings Changes

A number of brokerages recently weighed in on QUBT. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Cantor Fitzgerald dropped 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 set a $22.00 target price on shares of Quantum Computing in a research report on Tuesday, March 3rd. Finally, Northland Securities began coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price for the company. Four 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Price Performance

The company’s 50-day simple moving average is $8.73 and its 200 day simple moving average is $9.88. The firm has a market cap of $2.58 billion, a P/E ratio of -40.78 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. Analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer owned 1,132,398 shares in the company, valued at $8,889,324.30. This trade represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

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