Quantum Computing (NASDAQ:QUBT) Trading 10.1% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was up 10.1% during mid-day trading on Thursday . The company traded as high as $10.81 and last traded at $10.76. 21,107,175 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 17,426,246 shares. The stock had previously closed at $9.77.

Analyst Ratings Changes

QUBT has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Cantor Fitzgerald lowered their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Northland Securities began coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price on the stock. Four 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 company. According to MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Trading Up 10.1%

The business’s 50 day moving average is $9.94 and its 200 day moving average is $9.80. The stock has a market capitalization of $2.43 billion, a PE ratio of -38.43 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. As a group, analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. FWL Investment Management LLC bought a new position in Quantum Computing in the second quarter worth approximately $33,000. New Millennium Group LLC purchased a new position in Quantum Computing in the third quarter valued at about $36,000. Triumph Capital Management bought a new position in shares of Quantum Computing during the 3rd quarter worth approximately $45,000. Aventura Private Wealth LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at $26,000. Finally, International Assets Investment Management LLC purchased a new stake in Quantum Computing in the fourth quarter valued at about $26,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.