Quantum Computing (NASDAQ:QUBT) Shares Down 2.8% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 2.8% during trading on Wednesday . The stock traded as low as $9.41 and last traded at $9.43. 11,434,792 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 17,360,189 shares. The stock had previously closed at $9.70.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. 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. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research report on Wednesday, June 24th. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Trading Down 2.8%

The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -33.68 and a beta of 3.72. The company has a fifty day simple moving average of $10.32 and a 200-day simple moving average of $9.65.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. As a group, analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing in the third quarter valued at approximately $123,014,000. Marex Group plc lifted its stake in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after buying an additional 4,643,818 shares during the period. Ghisallo Capital Management LLC bought a new stake in shares of Quantum Computing during the 3rd quarter worth $74,194,000. Finally, Defiance ETFs LLC acquired a new position in Quantum Computing in the 4th quarter valued at $33,071,000. 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.