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

Key Points

• Quantum Computing shares fell to a new 52-week low of $6.11 and were last trading around $6.18, down 2.7%. The stock remains below its 50-day and 200-day moving averages.
• Analyst views are mixed, resulting in a consensus “Hold” rating and an average price target of $18.67. Individual targets range from $12 to $32.
• The company missed quarterly EPS expectations, reporting a loss of $0.05 per share versus estimates of $0.03, although revenue of $5.55 million exceeded forecasts. Institutional ownership remains limited at 4.26%.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares hit a new 52-week low on Thursday. The company traded as low as $6.11 and last traded at $6.1780, with a volume of 315,510 shares traded. The stock had previously closed at $6.31.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Lake Street Capital reiterated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Wedbush assumed coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They issued a "neutral" rating and a $12.00 price target on the stock. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "sell" rating in a report on Saturday, September 26th. Rosenblatt Securities reissued a "buy" rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Finally, Ascendiant Capital Markets lifted their target price on Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, August 26th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Quantum Computing currently has a consensus rating of "Hold" and a consensus target price of $18.67.

Quantum Computing Trading Down 2.7%

The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -87.73 and a beta of 3.75. The firm's 50-day moving average is $8.29 and its 200 day moving average is $8.91.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.05) EPS 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 analysts' expectations of $5.15 million. Analysts predict that Quantum Computing Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its holdings in shares of Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company's stock worth $86,000 after buying an additional 1,057 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Quantum Computing by 3.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 52,924 shares of the company's stock worth $543,000 after acquiring an additional 1,871 shares during the last quarter. Essex Financial Services Inc. increased its position in shares of Quantum Computing by 16.3% in the first quarter. Essex Financial Services Inc. now owns 14,120 shares of the company's stock valued at $97,000 after acquiring an additional 1,979 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in shares of Quantum Computing by 14.9% during the first quarter. Chicago Partners Investment Group LLC now owns 19,053 shares of the company's stock worth $131,000 after purchasing an additional 2,467 shares during the period. Finally, Principal Financial Group Inc. increased 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 purchasing an additional 2,867 shares during the period. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Company Profile

Quantum Computing, Inc NASDAQ: QUBT, also known as QCi, develops quantum and photonic computing technologies intended to make quantum-based solutions more accessible to commercial, government and research customers. The company focuses on applications involving optimization, machine learning, cybersecurity, artificial intelligence and other complex computational problems.

QCi's offerings have included software tools and quantum-computing systems designed for optimization and related workloads, including its Qatalyst software platform and Dirac photonic quantum computing systems.

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