Canaccord Genuity Group Issues Pessimistic Forecast for Quantum-Si (NASDAQ:QSI) Stock Price

Quantum-Si (NASDAQ:QSI) had its price objective dropped by equities researchers at Canaccord Genuity Group from $1.50 to $1.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 28.32% from the company’s current price.

Quantum-Si Stock Performance

Shares of QSI opened at $0.78 on Wednesday. The company’s fifty day moving average is $0.86 and its 200-day moving average is $1.11. Quantum-Si has a 12 month low of $0.70 and a 12 month high of $2.43.

Quantum-Si (NASDAQ:QSI) last posted its earnings results on Tuesday, November 12th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.03. Quantum-Si had a negative net margin of 3,968.84% and a negative return on equity of 36.96%. The firm had revenue of $0.79 million for the quarter, compared to the consensus estimate of $1.06 million. Analysts expect that Quantum-Si will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Quantum-Si

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. acquired a new position in Quantum-Si in the 1st quarter valued at approximately $998,000. Vanguard Group Inc. grew its position in Quantum-Si by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 5,300,685 shares of the company’s stock worth $10,442,000 after acquiring an additional 82,463 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Quantum-Si in the third quarter valued at about $53,000. Virtu Financial LLC bought a new stake in shares of Quantum-Si during the first quarter valued at approximately $98,000. Finally, Green Alpha Advisors LLC increased its stake in shares of Quantum-Si by 35.4% in the 3rd quarter. Green Alpha Advisors LLC now owns 175,055 shares of the company’s stock valued at $154,000 after buying an additional 45,796 shares during the period. Institutional investors and hedge funds own 39.90% of the company’s stock.

About Quantum-Si

Quantum-Si incorporated, a life sciences company, engages in the development of single-molecule detection platform to enable Next Generation Protein Sequencing (NGPS). The company's platform is comprised of the Platinum NGPS instrument; the Platinum Analysis Software service; and reagent kits and semiconductor chips for use with its instruments.