Quantum Computing (NASDAQ:QUBT) Reaches New 1-Year Low – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $5.94 and last traded at $5.7880, with a volume of 1,307,372 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wedbush initiated coverage on shares of Quantum Computing in a report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price objective for the company. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, September 21st. Ascendiant Capital Markets boosted their price target on Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Finally, Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 31st. Four 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.67.

Quantum Computing Stock Down 14.1%

The firm has a 50 day moving average price of $7.66 and a 200 day moving average price of $8.68. The stock has a market cap of $1.25 billion, a PE ratio of -79.06 and a beta of 3.95.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. Equities analysts forecast that Quantum Computing Inc. will post -0.19 earnings per share for the current year.

Institutional Trading of Quantum Computing

Several hedge funds have recently added to or reduced their stakes in QUBT. Focus Financial Network Inc. lifted its position in Quantum Computing by 402.6% during the 2nd quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock worth $8,843,000 after acquiring an additional 730,240 shares during the period. Bank of America Corp DE acquired a new position in Quantum Computing in the second quarter valued at $3,762,000. BlackRock Inc. acquired a new position in Quantum Computing during the 2nd quarter worth approximately $172,020,000. Corient Private Wealth LP bought a new stake in shares of Quantum Computing in the 2nd quarter worth about $1,286,000. Finally, Deutsche Bank AG bought a new position in shares of Quantum Computing during the second quarter worth about $2,025,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

Quantum Computing, Inc (NASDAQ:QUBT) develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.

Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.