IQM Quantum Computers (NASDAQ:IQMX) Sets New 12-Month Low – Should You Sell?

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

Analyst Upgrades and Downgrades

IQMX has been the subject of a number of research reports. Wall Street Zen cut shares of IQM Quantum Computers from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. TD Cowen started coverage on IQM Quantum Computers in a research report on Friday, October 2nd. They issued a “buy” rating on the stock. BTIG Research initiated coverage on IQM Quantum Computers in a research report on Monday, September 21st. They issued a “buy” rating and a $20.00 price objective on the stock. Zacks Research upgraded IQM Quantum Computers to a “hold” rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings started coverage on IQM Quantum Computers in a research report on Friday, September 25th. They issued a “sell (d)” rating for the company. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.44.

IQM Quantum Computers Stock Performance

The stock has a market cap of $2.32 billion, a P/E ratio of -6.42 and a beta of 0.77. The company’s 50 day moving average is $9.92.

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

Institutional Investors Weigh In On IQM Quantum Computers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IQMX. SLT Holdings LLC acquired a new position in IQM Quantum Computers in the 3rd quarter worth $775,000. Private Management Group Inc. purchased a new position in IQM Quantum Computers in the 3rd quarter valued at about $162,000. Finally, GAMMA Investing LLC purchased a new position in IQM Quantum Computers in the 3rd quarter valued at about $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.