Quantum Computing (NASDAQ:QUBT) Trading Down 2.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 2.3% on Friday . The stock traded as low as $11.48 and last traded at $11.96. 21,263,683 shares were traded during mid-day trading, an increase of 23% from the average session volume of 17,234,803 shares. The stock had previously closed at $12.24.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald cut their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Trading Down 2.3%

The company has a market capitalization of $2.70 billion, a P/E ratio of -42.71 and a beta of 3.70. The business’s 50-day simple moving average is $9.00 and its 200 day simple moving average is $9.88.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates 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. As a group, sell-side analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insider Activity at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were 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 in the company, valued at approximately $8,815,848.30. The trade was a 0.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. SLT Holdings LLC increased its position in shares of Quantum Computing by 1,028.7% in the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after acquiring an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC purchased a new position in shares of Quantum Computing in the third quarter worth approximately $74,194,000. JPMorgan Chase & Co. increased its position in shares of Quantum Computing by 1,612.0% in 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 in the last quarter. Finally, Polar Asset Management Partners Inc. increased its position in shares of Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after acquiring an additional 1,127,427 shares in the last quarter. Institutional investors and hedge funds 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.