Quantum Computing Inc. (NASDAQ:QUBT) Receives Average Rating of “Hold” from Brokerages

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been assigned an average recommendation of “Hold” from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $18.3333.

Several analysts have recently issued reports on QUBT shares. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Ascendiant Capital Markets raised their price objective on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Northland Securities initiated coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Monday, June 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $9.05 on Friday. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -32.32 and a beta of 3.78. Quantum Computing has a twelve month low of $6.18 and a twelve month high of $25.84. The business has a 50-day moving average price of $10.28 and a 200-day moving average price of $9.60.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after purchasing an additional 4,643,818 shares during the period. SLT Holdings LLC grew its stake in Quantum Computing by 1,028.7% in the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after acquiring an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC purchased a new position in shares of Quantum Computing during the third quarter worth approximately $74,194,000. JPMorgan Chase & Co. raised its stake in shares of Quantum Computing by 1,612.0% during the third quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after acquiring an additional 879,374 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted its holdings in shares of Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the period. 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.