Quantum Computing (NASDAQ:QUBT) Shares Down 7.6% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 7.6% on Monday . The stock traded as low as $7.92 and last traded at $8.00. 11,044,765 shares traded hands during trading, a decline of 35% from the average session volume of 16,959,047 shares. The stock had previously closed at $8.66.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Finally, Northland Securities began coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Four 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.33.

Quantum Computing Stock Down 7.4%

The company’s fifty day simple moving average is $10.30 and its 200 day simple moving average is $9.52. The firm has a market capitalization of $1.81 billion, a PE ratio of -28.64 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $3.13 million. Equities research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Trading of Quantum Computing

Hedge funds have recently modified their holdings of the business. FWL Investment Management LLC bought a new position in shares of Quantum Computing in the 2nd quarter worth about $33,000. Triumph Capital Management purchased a new stake in Quantum Computing in the third quarter worth about $45,000. Aventura Private Wealth LLC bought a new position in shares of Quantum Computing during the fourth quarter valued at approximately $26,000. International Assets Investment Management LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $26,000. Finally, Tucker Asset Management LLC purchased a new stake in shares of Quantum Computing in the 4th quarter worth approximately $29,000. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

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.