Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 7.3% on Tuesday . The company traded as low as $8.48 and last traded at $8.69. Approximately 13,800,311 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 17,204,604 shares. The stock had previously closed at $9.37.

Analysts Set New Price Targets

Several research firms have recently commented on QUBT. Rosenblatt Securities reissued a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Quantum Computing has a consensus rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Stock Performance

The stock has a market cap of $2.07 billion, a P/E ratio of -32.63 and a beta of 3.78. The company’s 50 day moving average price is $10.28 and its 200-day moving average price is $9.56.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. On average, analysts forecast 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 modified their holdings of the business. Toth Financial Advisory Corp boosted its position in Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the last quarter. Signaturefd LLC grew its position in Quantum Computing by 36.5% during the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after buying an additional 1,000 shares during the period. Two Sigma Investments LP grew its position in Quantum Computing by 2.5% during the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after buying an additional 1,001 shares during the period. PNC Financial Services Group Inc. increased its holdings in Quantum Computing by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock worth $86,000 after buying an additional 1,057 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Quantum Computing by 43.5% during the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock worth $93,000 after buying an additional 1,525 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.