Quantum Computing (NASDAQ:QUBT) Shares Down 1.3% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 1.3% on Wednesday . The company traded as low as $10.15 and last traded at $10.26. 13,941,389 shares were traded during mid-day trading, a decline of 48% from the average session volume of 26,953,041 shares. The stock had previously closed at $10.40.

Analyst Upgrades and Downgrades

Several research firms have recently commented on QUBT. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Wedbush began coverage on shares of Quantum Computing in a report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 target price for the company. Ascendiant Capital Markets decreased their price target on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday. Finally, Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Two research 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Stock Down 1.3%

The company has a market capitalization of $2.30 billion, a PE ratio of -16.82 and a beta of 3.49. The company’s 50 day moving average is $12.19 and its two-hundred day moving average is $15.84.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. JPMorgan Chase & Co. increased its position in shares of 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 acquiring an additional 879,374 shares during the period. Tudor Investment Corp ET AL purchased a new position in Quantum Computing during the 3rd quarter worth $4,582,000. Triumph Capital Management purchased a new position in Quantum Computing during the 3rd quarter worth $45,000. Allworth Financial LP raised its position in Quantum Computing by 91.7% during the 3rd quarter. Allworth Financial LP now owns 4,218 shares of the company’s stock valued at $78,000 after purchasing an additional 2,018 shares in the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the 3rd quarter worth $61,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.