IQM Quantum Computers (NASDAQ:IQMX) Shares Gap Up – Here’s Why

IQM Quantum Computers (NASDAQ:IQMX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.71, but opened at $11.00. IQM Quantum Computers shares last traded at $10.56, with a volume of 217,135 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IQMX shares. Wall Street Zen raised shares of IQM Quantum Computers to a “hold” rating in a research report on Saturday, August 29th. Rothschild & Co Redburn assumed coverage on shares of IQM Quantum Computers in a research report on Monday, July 27th. They issued a “neutral” rating and a $12.88 price objective on the stock. Finally, BTIG Research began coverage on shares of IQM Quantum Computers in a research note on Monday. They set a “buy” rating and a $20.00 target price for the company. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, IQM Quantum Computers presently has an average rating of “Moderate Buy” and a consensus target price of $16.44.

IQM Quantum Computers Stock Performance

The firm’s 50-day moving average price is $10.28.

IQM Quantum Computers (NASDAQ:IQMX) last issued its quarterly earnings data on Tuesday, August 4th. The quantum computing company reported ($1.37) earnings per share for the quarter. The business had revenue of $7.77 million for the quarter.

About IQM Quantum Computers

IQM Quantum Computers is a Finnish quantum-computing company that develops superconducting quantum processors and complete quantum-computing systems. Its offerings are designed for research institutions, universities, government organizations and commercial enterprises seeking access to quantum-computing capabilities.

The company provides on-premises quantum computers, quantum processing units and related software and services. It also supports customers through cloud-based access and partnerships intended to help organizations develop and test quantum applications in areas such as scientific research, optimization and simulation.

Founded in Finland in 2018 by quantum-technology researchers and entrepreneurs, IQM has expanded its operations across Europe, including locations in Finland, Germany, France and Spain.