Quantum Computing (NASDAQ:QUBT) Shares Down 2.5% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 2.5% during mid-day trading on Wednesday . The stock traded as low as $11.18 and last traded at $11.44. 7,823,078 shares were traded during trading, a decline of 71% from the average session volume of 27,178,471 shares. The stock had previously closed at $11.73.

Wall Street Analysts Forecast Growth

QUBT has been the topic of several recent analyst reports. Ascendiant Capital Markets dropped their target price on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday. Lake Street Capital lowered their price objective on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Wedbush began coverage on Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Price Performance

The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -18.75 and a beta of 3.80. The stock has a 50-day moving average price of $13.14 and a 200 day moving average price of $16.12.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of QUBT. J.W. Cole Advisors Inc. boosted its stake in Quantum Computing by 3.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company’s stock worth $404,000 after purchasing an additional 770 shares during the period. Compagnie Lombard Odier SCmA increased its stake in Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company’s stock valued at $55,000 after purchasing an additional 1,000 shares during the period. Toth Financial Advisory Corp raised its holdings in shares of Quantum Computing by 100.0% in the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of Quantum Computing by 2.5% during the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock worth $749,000 after buying an additional 1,001 shares during the period. Finally, Gladstone Institutional Advisory LLC boosted its stake in shares of Quantum Computing by 9.3% during the third quarter. Gladstone Institutional Advisory LLC now owns 12,975 shares of the company’s stock worth $239,000 after buying an additional 1,100 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

About Quantum Computing

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.