Quantinuum (NASDAQ:QNT) Shares Down 6.1% – Here’s Why

Quantinuum Inc. (NASDAQ:QNT)’s stock price dropped 6.1% on Thursday . The company traded as low as $66.77 and last traded at $67.35. 1,094,852 shares were traded during trading, a decline of 59% from the average daily volume of 2,668,238 shares. The stock had previously closed at $71.74.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. began coverage on Quantinuum in a research note on Monday, June 29th. They issued an “overweight” rating and a $97.00 price objective on the stock. Morgan Stanley initiated coverage on Quantinuum in a report on Monday, June 29th. They issued an “equal weight” rating and a $78.00 price objective on the stock. Evercore initiated coverage on Quantinuum in a report on Monday, June 29th. They set an “outperform” rating and a $98.00 target price on the stock. Mizuho assumed coverage on Quantinuum in a research note on Monday, June 29th. They issued an “outperform” rating and a $90.00 price objective on the stock. Finally, Craig Hallum began coverage on shares of Quantinuum in a research note on Monday, June 29th. They set a “buy” rating and a $100.00 target price on the stock. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Quantinuum presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.42.

Quantinuum Stock Performance

The business has a 50-day moving average of $63.20.

Quantinuum (NASDAQ:QNT) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The firm had revenue of $8.00 million for the quarter. Equities research analysts expect that Quantinuum Inc. will post -1.6 EPS for the current year.

Insider Activity

In related news, Director Manish H. Bhatia acquired 20,000 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $60.00 per share, for a total transaction of $1,200,000.00. Following the completion of the transaction, the director directly owned 25,833 shares of the company’s stock, valued at $1,549,980. The trade was a 342.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Hal Barron acquired 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $60.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director owned 255,833 shares of the company’s stock, valued at $15,349,980. This trade represents a 4,285.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 411,032 shares of company stock worth $24,661,920.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Quantinuum stock. Lisanti Capital Growth LLC purchased a new position in Quantinuum Inc. (NASDAQ:QNT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,005 shares of the company’s stock, valued at approximately $409,000.

Quantinuum Company Profile

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.