Quantum Computing (NASDAQ:QUBT) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen lowered shares of Quantum Computing (NASDAQ:QUBT) from a sell rating to a strong sell rating in a report issued on Saturday.

A number of other research analysts have also recently issued reports on QUBT. Northland Securities began coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Wedbush began coverage on Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Four 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’s stock. According to data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Up 1.0%

QUBT stock opened at $9.01 on Friday. Quantum Computing has a 12 month low of $6.18 and a 12 month high of $25.84. The firm has a market cap of $2.04 billion, a P/E ratio of -128.70 and a beta of 3.74. The company’s 50-day moving average price is $9.01 and its two-hundred day moving average price is $8.96.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $5.55 million for the quarter, compared to the consensus estimate of $5.15 million. Equities analysts predict that Quantum Computing will post -0.18 EPS for the current year.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in Quantum Computing in the fourth quarter valued at about $26,000. Rhumbline Advisers bought a new position in Quantum Computing in the 1st quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new stake in Quantum Computing during the 4th quarter worth approximately $29,000. State of Wyoming bought a new stake in Quantum Computing during the 2nd quarter worth approximately $29,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Quantum Computing in the 2nd quarter valued at approximately $29,000. 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.