Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.11, but opened at $8.55. Quantum Computing shares last traded at $8.9930, with a volume of 9,123,577 shares.

Wall Street Analyst Weigh In

Several research firms have recently commented on QUBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note 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 note on Tuesday, March 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Wedbush began coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Three 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 data from MarketBeat, Quantum Computing presently has an average rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Stock Up 14.0%

The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -62.03 and a beta of 3.67. The business’s 50-day moving average is $7.72 and its 200-day moving average is $11.48.

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

Insider Transactions at Quantum Computing

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer directly owned 1,132,398 shares in the company, valued at $8,889,324.30. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Royal Bank of Canada lifted its position in Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after purchasing an additional 19,527 shares during the period. Millennium Management LLC lifted its position in Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares during the period. Goldman Sachs Group Inc. lifted its position in Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after purchasing an additional 2,280 shares during the period. Rhumbline Advisers acquired a new position in Quantum Computing during the first quarter valued at $28,000. Finally, JPMorgan Chase & Co. lifted its position in Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after purchasing an additional 54,129 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.