Quantum Computing (NASDAQ:QUBT) Stock Price Up 2.5% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 2.5% during trading on Thursday . The company traded as high as $12.34 and last traded at $11.94. Approximately 14,797,060 shares were traded during trading, a decline of 16% from the average daily volume of 17,717,877 shares. The stock had previously closed at $11.65.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Lake Street Capital lowered their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. Ascendiant Capital Markets decreased their price target 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. Finally, Wedbush initiated coverage on Quantum Computing in a report on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Quantum Computing presently has an average rating of “Hold” and a consensus price target of $17.00.

Quantum Computing Stock Up 2.5%

The business’s 50 day moving average is $11.89 and its 200 day moving average is $15.59. The company has a market cap of $2.68 billion, a P/E ratio of -19.57 and a beta of 3.49.

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

Institutional Trading of Quantum Computing

Several hedge funds have recently modified their holdings of QUBT. Nisa Investment Advisors LLC bought a new position in shares of Quantum Computing during the 2nd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the second quarter worth $29,000. Farther Finance Advisors LLC increased its position in shares of Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares in the last quarter. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing during the 2nd quarter valued at $33,000. Finally, New Millennium Group LLC purchased a new stake in shares of Quantum Computing during the 3rd quarter valued at $36,000. 4.26% of the stock is owned by hedge funds and other 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.