Quantum Computing (NASDAQ:QUBT) Trading Down 1.5% – What’s Next?
by Amy Steele · The Cerbat GemQuantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s share price was down 1.5% during trading on Tuesday . The company traded as low as $10.36 and last traded at $10.4160. Approximately 11,264,580 shares traded hands during trading, a decline of 58% from the average daily volume of 27,001,521 shares. The stock had previously closed at $10.57.
Wall Street Analyst Weigh In
QUBT has been the subject of a number of recent research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Wedbush assumed coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Monday. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Ascendiant Capital Markets lowered their price objective on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $17.00.
View Our Latest Stock Report on QUBT
Quantum Computing Trading Down 1.3%
The stock has a 50-day moving average price of $12.30 and a 200 day moving average price of $15.88. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -16.82 and a beta of 3.80.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.
Institutional Investors Weigh In On Quantum Computing
Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Concurrent Investment Advisors LLC acquired a new position in shares of Quantum Computing during the second quarter valued at approximately $1,003,000. PFG Investments LLC acquired a new position in shares of Quantum Computing during the 2nd quarter valued at about $1,128,000. Intrua Financial LLC acquired a new position in Quantum Computing in the 1st quarter valued at about $385,000. Rollins Financial Advisors LLC purchased a new position in Quantum Computing in the second quarter worth approximately $504,000. Finally, SLT Holdings LLC grew its holdings in shares of Quantum Computing by 111.5% during the 2nd quarter. SLT Holdings LLC now owns 69,250 shares of the company’s stock worth $1,328,000 after purchasing an additional 36,500 shares during the period. Hedge funds and other 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.