IQM Quantum Computers (NASDAQ:IQMX) Trading 8.7% Higher – Still a Buy?

Shares of IQM Quantum Computers (NASDAQ:IQMX) were up 8.7% during mid-day trading on Monday . The company traded as high as $10.35 and last traded at $10.37. Approximately 181,639 shares were traded during trading, a decline of 60% from the average daily volume of 456,641 shares. The stock had previously closed at $9.54.

Analysts Set New Price Targets

A number of analysts have weighed in on IQMX shares. Rothschild & Co Redburn began coverage on shares of IQM Quantum Computers in a research report on Monday, July 27th. They issued a “neutral” rating and a $12.88 target price on the stock. BTIG Research started coverage on shares of IQM Quantum Computers in a report on Monday. They set a “buy” rating and a $20.00 price target for the company. Finally, Wall Street Zen upgraded IQM Quantum Computers to a “hold” rating in a research note on Saturday, August 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.44.

IQM Quantum Computers Price Performance

The company’s 50 day moving average is $10.35.

IQM Quantum Computers (NASDAQ:IQMX) last issued its quarterly earnings data on Tuesday, August 4th. The quantum computing company reported ($1.37) earnings per share (EPS) for the quarter. The company had revenue of $7.77 million for the quarter.

IQM Quantum Computers Company Profile

IQM Quantum Computers is a Finnish quantum-computing company that develops superconducting quantum processors and complete quantum-computing systems. Its offerings are designed for research institutions, universities, government organizations and commercial enterprises seeking access to quantum-computing capabilities.

The company provides on-premises quantum computers, quantum processing units and related software and services. It also supports customers through cloud-based access and partnerships intended to help organizations develop and test quantum applications in areas such as scientific research, optimization and simulation.

Founded in Finland in 2018 by quantum-technology researchers and entrepreneurs, IQM has expanded its operations across Europe, including locations in Finland, Germany, France and Spain.