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

Quantum Computing (NASDAQ:QUBT) announced its earnings results on Monday. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01), FiscalAI reports. The company had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million.

Quantum Computing Price Performance

Shares of QUBT stock traded down $0.25 during trading hours on Monday, reaching $8.93. 9,231,297 shares of the stock were exchanged, compared to its average volume of 15,869,143. The business’s fifty day moving average is $9.25 and its two-hundred day moving average is $9.04. Quantum Computing has a 12-month low of $6.18 and a 12-month high of $25.84. The firm has a market capitalization of $2.01 billion, a P/E ratio of -31.89 and a beta of 3.74.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on QUBT. Wedbush started coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price target on the stock. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Northland Securities started coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Monday, June 29th. Four equities 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in Quantum Computing during the 1st quarter worth approximately $28,000. FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at $33,000. Triumph Capital Management purchased a new stake in shares of Quantum Computing during the 3rd quarter worth $45,000. Federation des caisses Desjardins du Quebec grew its stake in shares of Quantum Computing by 102.7% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,369 shares of the company’s stock worth $45,000 after purchasing an additional 2,214 shares in the last quarter. Finally, Horizon Investments LLC acquired a new position in shares of Quantum Computing during the third quarter worth $55,000. Hedge funds and other 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.