Quantum Computing (NASDAQ:QUBT) Shares Down 6.6% - Here's Why

Key Points

• Quantum Computing shares fell 6.6% to $8.335 during Monday trading, with volume down 78% from the average. The stock has a market capitalization of approximately $1.87 billion.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two rate it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $18.33.
• The company reported a quarterly loss of $0.05 per share, missing estimates by $0.02, although revenue of $5.55 million exceeded the $5.15 million consensus forecast. Institutional investors own 4.26% of the company, with BlackRock recently taking a new stake.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares were down 6.6% during trading on Monday . The stock traded as low as $8.27 and last traded at $8.3350. Approximately 3,421,767 shares changed hands during trading, a decline of 78% from the average daily volume of 15,395,157 shares. The stock had previously closed at $8.92.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Lake Street Capital reaffirmed a "buy" rating on shares of Quantum Computing in a report on Monday, July 6th. Wedbush began coverage on Quantum Computing in a research report on Monday, August 3rd. They set a "neutral" rating and a $12.00 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Wall Street Zen downgraded Quantum Computing from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Finally, Ascendiant Capital Markets lifted their price objective on Quantum Computing from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, June 15th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $18.33.

Quantum Computing Price Performance

The firm has a market cap of $1.87 billion, a PE ratio of -118.25 and a beta of 3.74. The stock has a 50-day moving average price of $8.88 and a 200 day moving average price of $8.89.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million for the quarter, compared to the consensus estimate of $5.15 million. As a group, equities research analysts anticipate that Quantum Computing Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Quantum Computing in the second quarter worth $172,020,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 38.1% in the 4th 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 last quarter. Marex Group plc increased its position in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company's stock worth $84,872,000 after purchasing an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at about $123,014,000. Finally, Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 1,428,120 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company's stock.

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