Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) was down 1.8% during mid-day trading on Friday . The stock traded as low as $11.65 and last traded at $11.72. Approximately 17,361,452 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 17,669,734 shares. The stock had previously closed at $11.94.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Lake Street Capital reduced their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 17th. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Finally, Ascendiant Capital Markets reduced their price target on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.00.

Quantum Computing Stock Down 1.8%

The company has a fifty day moving average of $11.73 and a two-hundred day moving average of $15.51. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -19.21 and a beta of 3.49.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.12 million.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Alyeska Investment Group L.P. acquired a new position in Quantum Computing during the third quarter worth $123,014,000. Ghisallo Capital Management LLC acquired a new stake in Quantum Computing in the third quarter valued at $74,194,000. Vanguard Group Inc. boosted its position in shares of Quantum Computing by 23.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after purchasing an additional 2,286,514 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Quantum Computing by 116.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after purchasing an additional 1,416,928 shares during the period. Finally, Polar Asset Management Partners Inc. lifted its stake in shares of Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.