Quantinuum (NASDAQ:QNT) Trading Down 7.7% – Here’s What Happened

Quantinuum Inc. (NASDAQ:QNT) dropped 7.7% during trading on Wednesday . The stock traded as low as $53.70 and last traded at $54.05. 959,186 shares were traded during mid-day trading, a decline of 71% from the average session volume of 3,258,566 shares. The stock had previously closed at $58.58.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on QNT. Jefferies Financial Group initiated coverage on shares of Quantinuum in a research note on Monday, June 29th. They set a “buy” rating and a $90.00 target price on the stock. UBS Group assumed coverage on shares of Quantinuum in a research note on Monday, June 29th. They issued a “buy” rating and a $93.00 price target for the company. Mizuho initiated coverage on shares of Quantinuum in a report on Monday, June 29th. They issued an “outperform” rating and a $90.00 price objective for the company. Cantor Fitzgerald started coverage on Quantinuum in a research report on Monday, June 29th. They set an “overweight” rating and a $90.00 price objective on the stock. Finally, Sanford C. Bernstein began coverage on Quantinuum in a report on Monday, June 29th. They set an “outperform” rating and a $94.00 target price on the stock. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.75.

Quantinuum Stock Up 2.9%

Insider Transactions at Quantinuum

In other Quantinuum news, Director Kenneth D. Denman acquired 14,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $60.00 per share, with a total value of $840,000.00. Following the completion of the purchase, the director directly owned 19,833 shares of the company’s stock, valued at approximately $1,189,980. The trade was a 240.01% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul R. Daugherty acquired 4,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $60.00 per share, for a total transaction of $240,000.00. Following the acquisition, the director owned 9,833 shares of the company’s stock, valued at approximately $589,980. This trade represents a 68.58% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 411,032 shares of company stock worth $24,661,920.

Quantinuum Company Profile

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.