Quantum Computing (NASDAQ:QUBT) Shares Down 5.4% - Here's What Happened

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell 5.4% on Friday, trading as low as $8.60 and closing at $8.66 after lighter-than-average volume.
• Recent analyst sentiment is mixed: Rosenblatt and Lake Street remain buy rated, while Cantor Fitzgerald is neutral and Weiss Ratings has a sell rating. The stock’s consensus rating is currently Hold with an average price target of $18.33.
• The company recently beat expectations in its last earnings report, posting a smaller-than-expected loss and higher-than-expected revenue, while institutional ownership remains notable with major holders like Vanguard increasing their stakes.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price was down 5.4% on Friday . The company traded as low as $8.60 and last traded at $8.66. Approximately 8,323,528 shares traded hands during trading, a decline of 51% from the average daily volume of 17,020,021 shares. The stock had previously closed at $9.15.

Wall Street Analysts Forecast Growth

QUBT has been the subject of a number of recent research reports. Rosenblatt Securities reiterated a "buy" rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Quantum Computing in a report on Wednesday, June 24th. Lake Street Capital reaffirmed a "buy" rating on shares of Quantum Computing in a research report on Monday. Ascendiant Capital Markets boosted their price target on Quantum Computing from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, June 15th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $10.00 price target on shares of Quantum Computing in a research note on Wednesday, June 24th. Four investment 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.33.

Quantum Computing Price Performance

The stock's 50 day moving average price is $10.29 and its two-hundred day moving average price is $9.55. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -30.93 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. As a group, equities research analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company's stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the period. Marex Group plc boosted its stake in Quantum Computing by 255.6% during the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company's stock valued at $84,872,000 after purchasing an additional 5,945,679 shares during the period. Alyeska Investment Group L.P. bought a new stake in Quantum Computing during the 3rd quarter valued at approximately $123,014,000. Anson Funds Management LP grew its holdings in Quantum Computing by 14.9% in the 3rd quarter. Anson Funds Management LP now owns 5,373,455 shares of the company's stock valued at $98,925,000 after buying an additional 695,092 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company's stock valued at $46,846,000 after buying an additional 1,428,120 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors.

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.

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