Shares of Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) dropped 7.5% during mid-day trading on Wednesday . The company traded as low as $9.61 and last traded at $9.70. Approximately 18,371,181 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 17,482,783 shares. The stock had previously closed at $10.49.
Key Quantum Computing News
Here are the key news stories impacting Quantum Computing this week:
- Positive Sentiment: Quantum Computing Inc. completed its acquisition of NHanced Semiconductors, boosting manufacturing capacity and supporting its commercialization roadmap. Quantum Computing Inc. Completes Acquisition of NHanced Semiconductors, Inc.
- Positive Sentiment: Rosenblatt reaffirmed its Buy rating on QUBT and set a $22 price target, implying meaningful upside from recent trading levels. Benzinga report on Rosenblatt rating
- Positive Sentiment: NeuraWave landed a Planck Dynamics deal, underscoring demand for QCi’s photonic AI systems and opening the door to a potential program above $10 million. What Makes NeuraWave Suited for Quantum Computing’s Growth Strategy?
- Neutral Sentiment: Sector headlines show investors becoming more selective in quantum computing stocks, which may be creating volatility in QUBT shares. Why Investors Are Finally Separating Quantum Computing Winners From Losers
- Negative Sentiment: Recent coverage notes insider selling and mixed fund positioning, which can temper investor enthusiasm despite the company’s strategic progress. Quiver Quantitative QUBT acquisition discussion
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on QUBT shares. Northland Securities initiated coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.33.
Quantum Computing Stock Down 7.5%
The company has a market cap of $2.19 billion, a price-to-earnings ratio of -34.64 and a beta of 3.72. The company’s fifty day moving average price is $10.24 and its two-hundred day moving average price is $9.78.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. Research analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.
Hedge Funds Weigh In On Quantum Computing
Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. SLT Holdings LLC lifted its position in shares of Quantum Computing by 1,028.7% during the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after purchasing an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC acquired a new position in shares of Quantum Computing during the third quarter worth approximately $74,194,000. JPMorgan Chase & Co. grew its stake in shares of Quantum Computing by 1,612.0% during the third quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after purchasing an additional 879,374 shares during the last quarter. Finally, Polar Asset Management Partners Inc. grew its stake in shares of Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 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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