Quantinuum (NASDAQ:QNT) Stock Price Down 8.2% – Here’s What Happened

Shares of Quantinuum Inc. (NASDAQ:QNT) dropped 8.2% on Monday . The stock traded as low as $64.55 and last traded at $64.64. 666,721 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 3,752,017 shares. The stock had previously closed at $70.45.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Zacks Research raised shares of Quantinuum to a “hold” rating in a report on Tuesday, June 30th. Wall Street Zen lowered shares of Quantinuum from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. TD Cowen initiated coverage on shares of Quantinuum in a report on Monday, June 29th. They issued a “buy” rating for the company. Cantor Fitzgerald began coverage on shares of Quantinuum in a research note on Monday, June 29th. They set an “overweight” rating and a $90.00 target price for the company. Finally, UBS Group assumed coverage on Quantinuum in a report on Monday, June 29th. They set a “buy” rating and a $93.00 price target on the stock. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $98.75.

Quantinuum Price Performance

Insider Transactions at Quantinuum

In other news, Director Manish H. Bhatia acquired 20,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $60.00 per share, with a total value of $1,200,000.00. Following the purchase, the director owned 25,833 shares of the company’s stock, valued at $1,549,980. This represents a 342.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hal Barron acquired 250,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $60.00 per share, with a total value of $15,000,000.00. Following the transaction, the director owned 255,833 shares in the company, valued at $15,349,980. The trade was a 4,285.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 411,032 shares of company stock worth $24,661,920 over the last quarter.

Quantinuum Company Profile

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.