Quantum Computing (NASDAQ:QUBT) Shares Down 9% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) fell 9% during trading on Tuesday . The stock traded as low as $9.06 and last traded at $9.51. 17,638,549 shares were traded during mid-day trading, an increase of 1% from the average session volume of 17,496,760 shares. The stock had previously closed at $10.45.

Wall Street Analyst Weigh In

QUBT has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Cantor Fitzgerald dropped their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Finally, Northland Securities initiated coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Four 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 MarketBeat.com, Quantum Computing currently has an average rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Stock Up 4.0%

The firm’s 50 day simple moving average is $9.61 and its 200 day simple moving average is $9.84. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -35.39 and a beta of 3.72.

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 business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. Analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing during the third quarter valued at approximately $123,014,000. Marex Group plc raised its holdings in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after buying an additional 5,945,679 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares during the last quarter. Ghisallo Capital Management LLC bought a new stake in shares of Quantum Computing during the third quarter valued at approximately $74,194,000. Finally, Defiance ETFs LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $33,071,000. Institutional investors own 4.26% of the company’s stock.

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.