Quantum Computing (NASDAQ:QUBT) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Quantum Computing reported a quarterly loss of $0.05 per share, missing the consensus estimate by $0.01, while revenue of $5.55 million exceeded expectations of $5.15 million.
• Shares fell 2.7% to $8.93 during Monday trading. The stock has a market capitalization of about $2.01 billion and has traded between $6.18 and $25.84 over the past year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $18.33; institutional investors and hedge funds collectively own 4.26% of the company.

Quantum Computing (NASDAQ:QUBT - Get Free Report) posted its quarterly earnings data on Monday. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01), FiscalAI reports. The business had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million.

Quantum Computing Stock Down 2.7%

Shares of QUBT traded down $0.25 during midday trading on Monday, reaching $8.93. The company had a trading volume of 9,231,297 shares, compared to its average volume of 15,869,143. Quantum Computing has a 1-year low of $6.18 and a 1-year high of $25.84. The firm has a 50 day simple moving average of $9.25 and a 200-day simple moving average of $9.04. The stock has a market cap of $2.01 billion, a PE ratio of -31.89 and a beta of 3.74.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Cantor Fitzgerald reissued a "neutral" rating and issued a $10.00 price objective on shares of Quantum Computing in a research note on Wednesday, June 24th. Rosenblatt Securities reiterated a "buy" rating and issued a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Lake Street Capital reissued a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Wall Street Zen downgraded shares of Quantum Computing from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Finally, Northland Securities began coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an "outperform" rating and a $20.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $18.33.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. IHT Wealth Management LLC purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $105,000. Steward Partners Investment Advisory LLC boosted its position in shares of Quantum Computing by 65.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,813 shares of the company's stock worth $80,000 after purchasing an additional 3,093 shares during the period. Advisory Services Network LLC acquired a new stake in Quantum Computing in the 3rd quarter valued at approximately $70,000. NewEdge Advisors LLC raised its position in Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company's stock valued at $93,000 after purchasing an additional 1,525 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in Quantum Computing in the third quarter valued at approximately $101,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source