Quantum Computing (NASDAQ:QUBT) Shares Down 4% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 4% during mid-day trading on Thursday . The company traded as low as $8.94 and last traded at $9.05. 12,019,484 shares changed hands during trading, a decline of 31% from the average daily volume of 17,317,768 shares. The stock had previously closed at $9.43.

Wall Street Analysts Forecast Growth

Several brokerages have commented on QUBT. Northland Securities assumed coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Ascendiant Capital Markets raised their target price on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Down 4.0%

The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -32.32 and a beta of 3.79. The business has a 50-day simple moving average of $10.31 and a two-hundred day simple moving average of $9.63.

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 the consensus estimate of $3.13 million. On average, analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in shares of Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after buying an additional 19,527 shares in the last quarter. Millennium Management LLC boosted its position in shares of Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares during the period. Goldman Sachs Group Inc. increased its stake in Quantum Computing by 0.7% in 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 in the last quarter. Rhumbline Advisers purchased a new stake in Quantum Computing during the first quarter valued at about $28,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Quantum Computing by 12,826.8% in the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after buying an additional 54,129 shares during the period. 4.26% of the stock is currently owned by 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.