Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s share price dropped 8.8% during trading on Tuesday . The company traded as low as $9.99 and last traded at $10.12. Approximately 16,436,744 shares changed hands during trading, a decline of 6% from the average daily volume of 17,414,486 shares. The stock had previously closed at $11.10.
Wall Street Analysts Forecast Growth
QUBT has been the topic of a number of recent research reports. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Rosenblatt Securities restated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Northland Securities initiated coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Ascendiant Capital Markets raised their price objective on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Quantum Computing has an average rating of “Hold” and an average price target of $18.33.
Check Out Our Latest Research Report on QUBT
Quantum Computing Trading Down 3.5%
Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates 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. Equities analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in QUBT. Aventura Private Wealth LLC acquired a new position in shares of Quantum Computing in 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 valued at about $26,000. Rhumbline Advisers bought a new stake in shares of Quantum Computing in the 1st quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in shares of Quantum Computing in the 4th quarter valued at about $29,000. Finally, Toth Financial Advisory Corp grew its position in shares of Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during 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.
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