Quantum Computing (NASDAQ:QUBT) Shares Down 1.1% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 1.1% during mid-day trading on Tuesday . The company traded as low as $11.03 and last traded at $12.2520. 32,140,786 shares traded hands during trading, an increase of 5% from the average session volume of 30,553,644 shares. The stock had previously closed at $12.39.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on QUBT. Cantor Fitzgerald decreased their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Northland Securities began coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price 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 Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research note 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 assigned a Sell rating to the stock. According to MarketBeat.com, Quantum Computing currently has a consensus rating of “Hold” and a consensus price target of $17.50.

Quantum Computing Stock Performance

The company has a 50 day moving average of $9.29 and a 200 day moving average of $9.88. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -40.00 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. On average, equities analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total value of $540,880.70. Following the completion of the transaction, the chief financial officer directly owned 1,132,398 shares of the company’s stock, valued at approximately $8,889,324.30. This represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of QUBT. Royal Bank of Canada increased its stake in shares of Quantum Computing by 57.1% in the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after acquiring an additional 19,527 shares during the last quarter. Millennium Management LLC increased its stake in shares of Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after acquiring an additional 483,940 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after acquiring an additional 2,280 shares during the last quarter. Rhumbline Advisers acquired a new stake in shares of Quantum Computing in the 1st quarter worth $28,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Quantum Computing by 12,826.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after acquiring an additional 54,129 shares during the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

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.