Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.2% – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 2.2% during mid-day trading on Tuesday . The company traded as low as $9.44 and last traded at $9.70. 11,453,635 shares were traded during mid-day trading, a decline of 34% from the average session volume of 17,407,736 shares. The stock had previously closed at $9.92.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on QUBT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. 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 for the company. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Wednesday, June 24th. Rosenblatt Securities set a $22.00 price target on Quantum Computing and gave the stock a “buy” rating in a report on Monday. Finally, Ascendiant Capital Markets upped their price target on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Four 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Trading Down 2.2%

The firm’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $9.67. The firm has a market cap of $2.19 billion, a PE ratio of -34.64 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. As a group, equities research analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

A number of large investors have recently added to or reduced their stakes in QUBT. Vanguard Group Inc. increased its stake in 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 acquiring an additional 4,643,818 shares during the last quarter. Marex Group plc boosted its position in shares of Quantum Computing by 255.6% during the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after acquiring an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing in the third quarter valued at $123,014,000. Anson Funds Management LP grew its holdings in shares of Quantum Computing by 14.9% in the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Quantum Computing by 45.5% in the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after purchasing an additional 1,428,120 shares during the last quarter. Institutional investors 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.