Quantum Computing (NASDAQ:QUBT) Releases Earnings Results, Beats Estimates By $0.03 EPS

Quantum Computing (NASDAQ:QUBT) announced its earnings results on Monday. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03, FiscalAI reports. The business had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million.

Quantum Computing Price Performance

Shares of NASDAQ QUBT traded up $0.58 during trading on Monday, hitting $10.18. 21,833,480 shares of the company were exchanged, compared to its average volume of 13,866,553. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -67.87 and a beta of 3.70. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84. The firm’s fifty day moving average price is $7.98 and its 200 day moving average price is $10.30.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Cantor Fitzgerald lowered their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.50.

Insider Activity at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares in the company, valued at approximately $8,815,848.30. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing during the 3rd quarter worth $123,014,000. Marex Group plc boosted its position in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares in the last quarter. Defiance ETFs LLC purchased a new stake in shares of Quantum Computing in the 4th quarter worth about $33,071,000. Mubadala Investment Co PJSC purchased a new stake in shares of Quantum Computing in the 4th quarter worth about $16,286,000. Finally, Geode Capital Management LLC boosted its position in shares of Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after buying an additional 1,428,120 shares in the last quarter. 4.26% of the stock is currently 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.