Quantum Computing (NASDAQ:QUBT) Trading Up 7.2% – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 7.2% during trading on Thursday . The stock traded as high as $12.39 and last traded at $12.24. Approximately 30,573,177 shares traded hands during mid-day trading, an increase of 78% from the average daily volume of 17,183,219 shares. The stock had previously closed at $11.42.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on QUBT shares. Northland Securities started coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald decreased their price target 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. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Up 7.2%

The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -43.71 and a beta of 3.70. The business’s 50 day simple moving average is $8.81 and its 200-day simple moving average is $9.87.

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

Insider Transactions at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares in the company, valued at $8,815,848.30. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 19.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares during the last quarter. SLT Holdings LLC raised its holdings in Quantum Computing by 1,028.7% in the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock valued at $1,737,000 after buying an additional 154,300 shares during the last quarter. Ghisallo Capital Management LLC bought a new position in Quantum Computing in the 3rd quarter valued at approximately $74,194,000. JPMorgan Chase & Co. raised its holdings in Quantum Computing by 1,612.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after buying an additional 879,374 shares during the last quarter. Finally, Polar Asset Management Partners Inc. raised its holdings in Quantum Computing by 72.3% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after buying an additional 1,127,427 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

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.