Quantum Computing (NASDAQ:QUBT) Shares Down 7.6% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 7.6% on Monday . The company traded as low as $7.92 and last traded at $8.00. 11,044,765 shares traded hands during trading, a decline of 35% from the average daily volume of 16,959,047 shares. The stock had previously closed at $8.66.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on QUBT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a report on Wednesday, June 24th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Ascendiant Capital Markets upped 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. Finally, Northland Securities initiated coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $18.33.

Quantum Computing Trading Up 4.0%

The firm has a market cap of $1.88 billion, a price-to-earnings ratio of -29.71 and a beta of 3.78. The stock has a 50-day moving average of $10.25 and a 200-day moving average of $9.47.

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

Institutional Trading of Quantum Computing

A number of large investors have recently modified their holdings of QUBT. FWL Investment Management LLC acquired a new position in Quantum Computing during the 2nd quarter valued at about $33,000. Triumph Capital Management acquired a new position in shares of Quantum Computing during the third quarter worth approximately $45,000. Aventura Private Wealth LLC bought a new position in Quantum Computing in the 4th quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in Quantum Computing in the 4th quarter valued at approximately $26,000. Finally, Tucker Asset Management LLC bought a new stake in Quantum Computing during the 4th quarter valued at $29,000. Institutional investors and hedge funds 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.