Quantum Computing (NASDAQ:QUBT) Shares Gap Up – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Thursday . The stock had previously closed at $9.56, but opened at $10.47. Quantum Computing shares last traded at $11.0890, with a volume of 16,367,530 shares.

Wall Street Analysts Forecast Growth

QUBT has been the topic of several analyst reports. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Northland Securities initiated coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald reduced 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 note on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Stock Up 17.2%

The company has a market cap of $2.53 billion, a P/E ratio of -40.18 and a beta of 3.70. The firm’s 50 day moving average is $8.38 and its two-hundred day moving average is $9.97.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. As a group, research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insider Transactions at Quantum Computing

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total value of $540,880.70. Following the transaction, the chief financial officer owned 1,132,398 shares in the company, valued at $8,889,324.30. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of QUBT. FWL Investment Management LLC bought a new stake in Quantum Computing in the second quarter valued at $33,000. New Millennium Group LLC bought a new stake in Quantum Computing in the third quarter valued at $36,000. Strs Ohio bought a new stake in Quantum Computing in the third quarter valued at $39,000. Triumph Capital Management bought a new stake in Quantum Computing in the third quarter valued at $45,000. Finally, Aventura Private Wealth LLC bought a new stake in Quantum Computing in the fourth quarter valued at $26,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.