Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) dropped 4% during trading on Thursday . The company traded as low as $8.94 and last traded at $9.05. Approximately 12,019,484 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 17,317,768 shares. The stock had previously closed at $9.43.
Analyst Upgrades and Downgrades
QUBT has been the subject of several recent research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Wednesday, June 24th. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Ascendiant Capital Markets increased their price objective on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Northland Securities began coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Monday. 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. According to MarketBeat.com, Quantum Computing has a consensus rating of “Hold” and a consensus price target of $18.33.
Read Our Latest Stock Analysis on Quantum Computing
Quantum Computing Price Performance
Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.02) 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 analyst estimates of $3.13 million. On average, analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Quantum Computing
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after purchasing an additional 19,527 shares during the period. Millennium Management LLC lifted its holdings in shares of Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after buying an additional 2,280 shares during the period. Rhumbline Advisers acquired a new stake in shares of Quantum Computing in the first quarter worth $28,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after buying an additional 54,129 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.
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