Quantum Computing (NASDAQ:QUBT) Sets New 52-Week Low - Here's What Happened

Key Points

• Quantum Computing shares hit a new 52-week low, trading as low as $5.94 and last at $5.788, down from the prior close of $6.43.
• Analysts’ consensus rating is Hold, with an average price target of $18.67; ratings range from Buy to Sell.
• The company reported quarterly EPS of ($0.05), missing the consensus estimate of ($0.03), while revenue of $5.55 million topped the $5.15 million estimate.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price hit a new 52-week low during trading on Thursday. The stock traded as low as $5.94 and last traded at $5.7880, with a volume of 1,307,372 shares trading hands. The stock had previously closed at $6.43.

Analyst Ratings Changes

A number of research firms have issued reports on QUBT. Weiss Ratings reiterated a "sell (d-)" rating on shares of Quantum Computing in a report on Monday, September 21st. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "sell" rating in a report on Saturday, October 31st. Wedbush started coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They set a "neutral" rating and a $12.00 price target for the company. Finally, Ascendiant Capital Markets increased their target price on Quantum Computing from $30.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, August 26th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $18.67.

Quantum Computing Price Performance

The company has a market cap of $1.25 billion, a P/E ratio of -79.06 and a beta of 3.95. The company has a fifty day simple moving average of $7.66 and a 200-day simple moving average of $8.68.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million. On average, analysts anticipate that Quantum Computing Inc. will post -0.19 EPS for the current year.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in shares of Quantum Computing by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company's stock worth $86,000 after acquiring an additional 1,057 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its stake in Quantum Computing by 106.4% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,948 shares of the company's stock worth $25,000 after purchasing an additional 1,520 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Quantum Computing by 14.9% during the 1st quarter. Chicago Partners Investment Group LLC now owns 19,053 shares of the company's stock valued at $131,000 after buying an additional 2,467 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Quantum Computing by 24.1% during the 1st quarter. Principal Financial Group Inc. now owns 14,770 shares of the company's stock valued at $101,000 after buying an additional 2,867 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Quantum Computing during the 2nd quarter worth approximately $29,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

Quantum Computing, Inc NASDAQ: QUBT develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.

Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.

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