IQM Quantum Computers (NASDAQ:IQMX) Reaches New 1-Year Low - Time to Sell?

Key Points

• IQM Quantum Computers hit a new 52-week low, trading as low as $7.26 and last at $7.307, below its previous close of $7.49 and its 50-day average of $9.63.
• Analyst views are mixed: two rate the stock Buy, two Hold and one Sell. The consensus rating is Hold, with an average price target of $16.44.
• The company reported a quarterly loss of $0.93 per share; analysts expect a full-year loss of $4.00 per share.

IQM Quantum Computers (NASDAQ:IQMX - Get Free Report)'s share price hit a new 52-week low during trading on Thursday. The stock traded as low as $7.26 and last traded at $7.3070, with a volume of 2,171 shares changing hands. The stock had previously closed at $7.49.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Zacks Research raised IQM Quantum Computers to a "hold" rating in a research note on Tuesday, October 6th. Wall Street Zen downgraded IQM Quantum Computers from a "hold" rating to a "sell" rating in a research note on Saturday, October 3rd. Rothschild & Co Redburn initiated coverage on IQM Quantum Computers in a research note on Monday, July 27th. They set a "neutral" rating and a $12.88 target price on the stock. BTIG Research started coverage on IQM Quantum Computers in a report on Monday, September 21st. They issued a "buy" rating and a $20.00 price target on the stock. Finally, TD Cowen initiated coverage on IQM Quantum Computers in a research note on Friday, October 2nd. They issued a "buy" rating for the company. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $16.44.

IQM Quantum Computers Stock Performance

The firm has a market cap of $1.94 billion, a P/E ratio of -3.18 and a beta of 0.77. The stock has a 50-day simple moving average of $9.63.

IQM Quantum Computers (NASDAQ:IQMX - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The quantum computing company reported ($0.93) EPS for the quarter. On average, analysts forecast that IQM Quantum Computers will post -4.00 earnings per share for the current fiscal year.

Institutional Trading of IQM Quantum Computers

Several hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC bought a new position in shares of IQM Quantum Computers in the 3rd quarter valued at about $5,878,000. State Street Corp purchased a new position in IQM Quantum Computers in the third quarter worth about $810,000. SLT Holdings LLC bought a new stake in IQM Quantum Computers during the third quarter worth approximately $775,000. Private Management Group Inc. bought a new stake in IQM Quantum Computers during the third quarter worth approximately $162,000. Finally, GAMMA Investing LLC bought a new stake in IQM Quantum Computers during the third quarter worth approximately $31,000.

IQM Quantum Computers Company Profile

IQM Quantum Computers is a Finnish company that develops superconducting quantum computers and related software. Founded in 2018 and headquartered in Espoo, it supplies quantum-computing systems and services to research organizations, universities, high-performance computing centers and businesses. The company offers systems that customers can install on-site, as well as access to quantum computers through cloud services. Its work spans quantum hardware, software and system integration, with the goal of helping customers research and develop applications for quantum computing.

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