Quantum Computing (NASDAQ:QUBT) Shares Down 3.5% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 3.5% during mid-day trading on Wednesday . The stock traded as low as $9.68 and last traded at $9.77. Approximately 12,731,115 shares changed hands during trading, a decline of 27% from the average daily volume of 17,388,654 shares. The stock had previously closed at $10.12.

Wall Street Analysts Forecast Growth

QUBT has been the topic of several research reports. Northland Securities initiated coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald cut their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Ascendiant Capital Markets upped their price objective on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Trading Down 3.5%

The business has a 50-day moving average price of $9.88 and a two-hundred day moving average price of $9.81. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -34.89 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, equities research analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently made changes to their positions in QUBT. Royal Bank of Canada raised its position in shares of Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after purchasing an additional 19,527 shares during the period. Millennium Management LLC raised its position in shares of Quantum Computing by 288.9% during the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after purchasing an additional 483,940 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Quantum Computing by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after purchasing an additional 2,280 shares during the period. Rhumbline Advisers acquired a new stake in shares of Quantum Computing during the 1st quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. raised its position in shares of Quantum Computing by 12,826.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after purchasing an additional 54,129 shares during the period. 4.26% of the stock is currently 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.