Quantinuum (NASDAQ:QNT) Stock Jumps 7.7% – Here’s What Happened

Quantinuum Inc. (NASDAQ:QNT)’s share price shot up 7.7% on Wednesday. The company traded as high as $38.58 and last traded at $38.43. 967,756 shares traded hands during trading, a decline of 58% from the average daily volume of 2,316,811 shares. The stock had previously closed at $35.68.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on QNT shares. Yorkville Ives assumed coverage on Quantinuum in a report on Monday, October 5th. They set an “outperform” rating and a $60.00 price objective for the company. Weiss Ratings initiated coverage on shares of Quantinuum in a research report on Monday, August 31st. They set a “sell (d)” rating for the company. Morgan Stanley upgraded shares of Quantinuum from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $78.00 to $62.00 in a research note on Thursday, October 15th. TD Cowen initiated coverage on shares of Quantinuum in a research report on Monday, June 29th. They set a “buy” rating for the company. Finally, Evercore began coverage on Quantinuum in a research report on Monday, June 29th. They issued an “outperform” rating and a $98.00 target price for the company. Thirteen equities 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 stock. According to data from MarketBeat.com, Quantinuum currently has an average rating of “Moderate Buy” and an average target price of $94.23.

Quantinuum Trading Down 0.4%

The stock has a market capitalization of $9.41 billion and a P/E ratio of -127.68. The stock has a fifty day moving average of $48.05.

Quantinuum (NASDAQ:QNT) last posted its earnings results on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The business had revenue of $8.00 million for the quarter. On average, research analysts predict that Quantinuum Inc. will post -4.76 earnings per share for the current fiscal year.

Institutional Trading of Quantinuum

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in shares of Quantinuum in the 2nd quarter valued at about $92,418,000. HBK Investments L P acquired a new position in Quantinuum during the second quarter worth $14,669,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Quantinuum in the second quarter worth about $14,304,000. Readystate Asset Management LP acquired a new position in shares of Quantinuum during the 2nd quarter valued at about $4,111,000. Finally, Light Street Capital Management LLC bought a new stake in Quantinuum during the second quarter worth approximately $2,881,000.

About Quantinuum

Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.

Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum’s software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.