Shares of Quantum Computing Inc. (QUBT) tumbled 5.10% in after-hours trading on Tuesday, as investors reacted to expectations of a quarterly loss ahead of the company's upcoming earnings report. The Hoboken, New Jersey-based quantum technology firm is set to release its financial results for the quarter ending December 31, 2024, on March 20.
According to a recent earnings preview, analysts expect Quantum Computing Inc. to report a loss of 5 cents per share. While the company is anticipated to show a significant increase in revenue, with estimates projecting a 166.7% rise to $200,000 from $75,000 a year ago, the forecasted loss appears to have spooked some investors, leading to the after-hours sell-off.
Despite the current downturn, it's worth noting that Wall Street maintains a bullish outlook on QUBT. The sole analyst rating available for the stock is a "buy," with a median 12-month price target of $8.50, which stands considerably higher than the stock's last closing price. However, as the quantum computing sector faces increased scrutiny and volatility, investors seem to be approaching the upcoming earnings report with caution, resulting in the observed after-hours plunge.
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