Quantum Computing (NASDAQ:QUBT) Shares Down 5.1% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 5.1% during mid-day trading on Tuesday . The company traded as low as $11.27 and last traded at $11.68. Approximately 33,750,377 shares traded hands during trading, an increase of 98% from the average daily volume of 17,021,629 shares. The stock had previously closed at $12.31.

Wall Street Analyst Weigh In

Several research analysts have weighed in on QUBT shares. Northland Securities started coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Cantor Fitzgerald lowered their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Finally, Wall Street Zen raised Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Stock Down 5.1%

The company has a 50 day simple moving average of $8.65 and a 200-day simple moving average of $9.90. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -41.71 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. On average, equities research analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insider Activity

In other news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.30% of the stock is owned by company insiders.

Institutional Trading of Quantum Computing

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Quantum Computing by 38.1% during the fourth 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 last quarter. Ghisallo Capital Management LLC acquired a new stake in Quantum Computing during the third quarter worth about $74,194,000. JPMorgan Chase & Co. grew its position in Quantum Computing by 1,612.0% during the third quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after buying an additional 879,374 shares in the last quarter. Polar Asset Management Partners Inc. boosted its holdings in Quantum Computing by 72.3% during 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 in the last quarter. Finally, SLT Holdings LLC boosted its holdings in Quantum Computing by 1,028.7% during the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock valued at $1,737,000 after purchasing an additional 154,300 shares in the last quarter. Hedge funds and other institutional investors 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.