Quantum Computing (NASDAQ:QUBT) Coverage Initiated at Northland Securities

Equities research analysts at Northland Securities started coverage on shares of Quantum Computing (NASDAQ:QUBT) in a note issued to investors on Monday, MarketBeat reports. The brokerage set an “outperform” rating and a $20.00 price target on the stock. Northland Securities’ price objective suggests a potential upside of 108.99% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research report on Tuesday, March 3rd. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Ascendiant Capital Markets lowered their price objective on Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Finally, Cantor Fitzgerald lowered their price target on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Performance

Shares of NASDAQ QUBT opened at $9.57 on Monday. Quantum Computing has a 1 year low of $5.76 and a 1 year high of $25.84. The firm’s 50 day moving average price is $7.76 and its 200 day moving average price is $11.28. The firm has a market cap of $2.15 billion, a P/E ratio of -63.80 and a beta of 3.67.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $0.20 million during the quarter, compared to analyst estimates of $0.39 million.

Insider Activity at Quantum Computing

In other news, CFO Christopher Bruce Roberts sold 9,360 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total value of $73,476.00. Following the completion of the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. This represents a 0.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in shares of Quantum Computing by 724.7% in the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares in the last quarter. FWL Investment Management LLC acquired a new position in Quantum Computing during the second quarter valued at $33,000. New Millennium Group LLC acquired a new position in Quantum Computing during the third quarter valued at $36,000. Toth Financial Advisory Corp lifted its stake in Quantum Computing by 100.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Quantum Computing during the 3rd quarter worth about $39,000. 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.