Quantum Computing (NASDAQ:QUBT) Shares Down 4.6% on Analyst Downgrade

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 4.6% during mid-day trading on Tuesday after Ascendiant Capital Markets lowered their price target on the stock from $40.00 to $25.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as low as $11.58 and last traded at $11.73. Approximately 16,174,254 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 27,251,102 shares. The stock had previously closed at $12.29.

Several other research firms also recently weighed in on QUBT. Wedbush began coverage on Quantum Computing in a research report on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 target price on shares of Quantum Computing in a research note on Thursday, December 18th. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Lake Street Capital decreased their price target on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock valued at $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Swiss National Bank purchased a new stake in shares of Quantum Computing during the 1st quarter valued at approximately $1,806,000. Concurrent Investment Advisors LLC acquired a new position in Quantum Computing in the second quarter valued at approximately $1,003,000. PFG Investments LLC acquired a new position in Quantum Computing in the second quarter valued at approximately $1,128,000. Finally, Intrua Financial LLC purchased a new position in Quantum Computing in the first quarter worth approximately $385,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Price Performance

The company has a market cap of $2.63 billion, a price-to-earnings ratio of -19.23 and a beta of 3.81. The firm has a 50 day simple moving average of $13.34 and a 200-day simple moving average of $16.13.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

About Quantum Computing

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.