Quantum Computing (NASDAQ:QUBT) Trading Up 3.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 3.5% on Monday . The stock traded as high as $9.57 and last traded at $9.37. Approximately 8,553,897 shares traded hands during trading, a decline of 50% from the average daily volume of 17,248,717 shares. The stock had previously closed at $9.05.

Analyst Ratings Changes

Several brokerages have commented on QUBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Northland Securities initiated coverage on Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research note on Monday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research note on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Performance

The business’s fifty day simple moving average is $10.28 and its 200-day simple moving average is $9.59. The firm has a market capitalization of $2.11 billion, a PE ratio of -33.46 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. Sell-side analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently bought and sold shares of the business. Aventura Private Wealth LLC bought a new position in Quantum Computing during the fourth quarter valued at $26,000. International Assets Investment Management LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth about $26,000. Rhumbline Advisers purchased a new stake in shares of Quantum Computing during the 1st quarter valued at about $28,000. Tucker Asset Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $29,000. Finally, Toth Financial Advisory Corp lifted its holdings in shares of Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors 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.