Quantum Computing (NASDAQ:QUBT) Trading Up 8.6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 8.6% on Monday . The stock traded as high as $12.43 and last traded at $11.96. Approximately 22,597,099 shares changed hands during trading, an increase of 15% from the average daily volume of 19,586,947 shares. The stock had previously closed at $11.01.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QUBT. Ascendiant Capital Markets reduced their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. Wedbush assumed coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price objective for the company. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Lake Street Capital reduced their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.00.

Quantum Computing Trading Up 8.6%

The business’s fifty day moving average is $12.02 and its 200-day moving average is $15.67.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Institutional Trading of Quantum Computing

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing during the 2nd quarter valued at $28,000. Farther Finance Advisors LLC lifted its holdings in Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares during the last quarter. Rhumbline Advisers purchased a new stake in Quantum Computing during the first quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Quantum Computing during the second quarter worth about $29,000. Finally, FWL Investment Management LLC purchased a new position in shares of Quantum Computing in the second quarter worth about $33,000. 4.26% of the stock is currently owned by institutional investors.

About Quantum Computing

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.