Canaccord Genuity Group Forecasts Strong Price Appreciation for Quantum-Si (NASDAQ:QSI) Stock

Key Points

• Canaccord Genuity Group raised the price target for Quantum-Si (NASDAQ:QSI) from $1.00 to $2.00, indicating a potential downside of 12.66% from the previous close, while maintaining a "hold" rating.
• The stock has a consensus rating of "Hold" with an average price target of $3.73, reflecting varied analyst opinions on its performance.
• Insider transactions included significant sales, with Todd C. Bennett selling 18,482 shares at $1.68 and Jonathan M. Rothberg selling 26,095 shares at $3.07, indicating a decrease in ownership for both directors.

Quantum-Si (NASDAQ:QSI - Get Free Report) had its price target raised by analysts at Canaccord Genuity Group from $1.00 to $2.00 in a report issued on Monday,Benzinga reports. The firm currently has a "hold" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential downside of 12.66% from the stock's previous close.

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum-Si in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $3.73.

Quantum-Si Stock Performance

Quantum-Si stock opened at $2.29 on Monday. Quantum-Si has a fifty-two week low of $0.61 and a fifty-two week high of $5.77. The stock has a market cap of $463.70 million, a PE ratio of -3.37 and a beta of 2.89. The firm's 50-day simple moving average is $1.53 and its 200 day simple moving average is $1.55.

Quantum-Si (NASDAQ:QSI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.16). Quantum-Si had a negative return on equity of 44.57% and a negative net margin of 3,120.14%.The firm had revenue of $0.59 million for the quarter, compared to the consensus estimate of $1.28 million. As a group, analysts predict that Quantum-Si will post -0.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Quantum-Si news, insider Todd C. Bennett sold 18,482 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $1.68, for a total transaction of $31,049.76. Following the sale, the insider directly owned 700,003 shares of the company's stock, valued at $1,176,005.04. This represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan M. Rothberg sold 26,095 shares of the company's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $3.07, for a total transaction of $80,111.65. Following the sale, the director directly owned 1,904,866 shares in the company, valued at approximately $5,847,938.62. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,936 shares of company stock worth $152,085 in the last ninety days. Insiders own 22.95% of the company's stock.

Institutional Trading of Quantum-Si

Institutional investors have recently modified their holdings of the business. Prudential Financial Inc. purchased a new stake in shares of Quantum-Si during the 2nd quarter valued at approximately $25,000. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Quantum-Si in the second quarter valued at $26,000. Cerity Partners LLC purchased a new position in shares of Quantum-Si in the second quarter valued at $29,000. Wolverine Asset Management LLC grew its position in shares of Quantum-Si by 140.0% in the second quarter. Wolverine Asset Management LLC now owns 16,501 shares of the company's stock valued at $32,000 after purchasing an additional 9,626 shares in the last quarter. Finally, Kingsview Wealth Management LLC grew its position in shares of Quantum-Si by 99.9% in the second quarter. Kingsview Wealth Management LLC now owns 20,012 shares of the company's stock valued at $39,000 after purchasing an additional 10,000 shares in the last quarter. 39.90% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum-Si

Quantum-Si incorporated, a life sciences company, engages in the development of single-molecule detection platform to enable Next Generation Protein Sequencing (NGPS). The company's platform is comprised of the Platinum NGPS instrument; the Platinum Analysis Software service; and reagent kits and semiconductor chips for use with its instruments.

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