IQM Quantum Computers (NASDAQ:IQMX) Stock Price Up 8.7% – Here’s Why

IQM Quantum Computers (NASDAQ:IQMX)’s stock price shot up 8.7% during mid-day trading on Monday . The stock traded as high as $10.35 and last traded at $10.37. 181,639 shares traded hands during trading, a decline of 60% from the average daily volume of 456,641 shares. The stock had previously closed at $9.54.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. BTIG Research began coverage on IQM Quantum Computers in a research report on Monday. They issued a “buy” rating and a $20.00 price target on the stock. Wall Street Zen upgraded IQM Quantum Computers to a “hold” rating in a research report on Saturday, August 29th. Finally, Rothschild & Co Redburn began coverage on IQM Quantum Computers in a research note on Monday, July 27th. They issued a “neutral” rating and a $12.88 price objective on the stock. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, IQM Quantum Computers currently has an average rating of “Moderate Buy” and a consensus target price of $16.44.

IQM Quantum Computers Stock Performance

The firm’s 50 day simple moving average is $10.35.

IQM Quantum Computers (NASDAQ:IQMX) last announced its earnings results on Tuesday, August 4th. The quantum computing company reported ($1.37) earnings per share for the quarter. The company had revenue of $7.77 million for the quarter.

About IQM Quantum Computers

IQM Quantum Computers is a Finnish quantum-computing company that develops superconducting quantum processors and complete quantum-computing systems. Its offerings are designed for research institutions, universities, government organizations and commercial enterprises seeking access to quantum-computing capabilities.

The company provides on-premises quantum computers, quantum processing units and related software and services. It also supports customers through cloud-based access and partnerships intended to help organizations develop and test quantum applications in areas such as scientific research, optimization and simulation.

Founded in Finland in 2018 by quantum-technology researchers and entrepreneurs, IQM has expanded its operations across Europe, including locations in Finland, Germany, France and Spain.