Quantum Computing (NASDAQ:QUBT) Trading Down 6.6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 6.6% during mid-day trading on Monday . The stock traded as low as $8.27 and last traded at $8.3350. Approximately 3,421,767 shares were traded during trading, a decline of 78% from the average daily volume of 15,395,157 shares. The stock had previously closed at $8.92.

Wall Street Analyst Weigh In

QUBT has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Monday, June 29th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Wall Street Zen cut Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Finally, Wedbush began coverage on Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price objective for the company. 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.33.

Quantum Computing Stock Up 2.7%

The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -120.84 and a beta of 3.74. The company’s fifty day moving average is $8.79 and its two-hundred day moving average is $8.88.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million for the quarter, compared to analysts’ expectations of $5.15 million. On average, equities research analysts expect that Quantum Computing Inc. will post -0.18 EPS for the current year.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in the stock. FWL Investment Management LLC bought a new stake in Quantum Computing in the second quarter valued at about $33,000. Triumph Capital Management bought a new position in Quantum Computing during the third quarter worth about $45,000. International Assets Investment Management LLC bought a new position in Quantum Computing during the fourth quarter worth about $26,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing during the 4th quarter worth about $29,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Quantum Computing during the 2nd quarter worth about $29,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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.