Quantum Computing (NASDAQ:QUBT) Trading Down 8.8% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 8.8% on Tuesday . The stock traded as low as $9.99 and last traded at $10.12. Approximately 16,436,744 shares were traded during trading, a decline of 6% from the average daily volume of 17,414,486 shares. The stock had previously closed at $11.10.

Quantum Computing News Roundup

Here are the key news stories impacting Quantum Computing this week:

• Positive Sentiment: Analysts remain bullish on Quantum Computing Inc., with coverage cited in multiple reports showing 4 Buy ratings and 1 Hold, plus price targets suggesting significant upside. Quantum Computing (QUBT) is One of the Best Computer Hardware Stocks to Buy for Next 5 Years, Here is Why
• Positive Sentiment: Ascendiant Capital Markets raised its price target on QUBT to $30 from $27 and reiterated a Buy rating, reinforcing expectations for substantial long-term upside. Benzinga report on Ascendiant price target raise
• Positive Sentiment: Earlier coverage pointed to upcoming product launches and growing commercial adoption as catalysts that could support future revenue growth. Quantum Computing stock jumps as analysts see product catalysts
• Neutral Sentiment: The current decline appears tied to a broad selloff across quantum computing stocks, with IonQ, Rigetti, and D-Wave also moving lower as Monday’s rally reversed. IonQ, Rigetti, D-Wave, and Quantum Computing Inc. All Fall 5% to 7% as the Quantum Rally Reverses
• Neutral Sentiment: Recent commentary also highlighted QUBT as a speculative long-term hardware name, but this is more of an investment thesis than a near-term catalyst. Is QUBT the Best Quantum Stock to Buy in June With 80% Price Upside?

Analyst Upgrades and Downgrades

A number of research firms recently commented on QUBT. Ascendiant Capital Markets upped their price objective on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday. Northland Securities began coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Finally, Cantor Fitzgerald decreased their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Four investment 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 MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -36.07 and a beta of 3.72. The business has a fifty day moving average of $9.82 and a 200 day moving average of $9.82.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. On average, equities research analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current year.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. FWL Investment Management LLC purchased a new position in Quantum Computing during the 2nd quarter valued at about $33,000. New Millennium Group LLC purchased a new position in Quantum Computing during the 3rd quarter valued at about $36,000. Triumph Capital Management purchased a new position in Quantum Computing during the 3rd quarter valued at about $45,000. Aventura Private Wealth LLC purchased a new position in Quantum Computing during the 4th quarter valued at about $26,000. Finally, International Assets Investment Management LLC purchased a new position in Quantum Computing during the 4th quarter valued at about $26,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.