Rosenblatt Securities Reaffirms “Buy” Rating for Quantum Computing (NASDAQ:QUBT)

Quantum Computing (NASDAQ:QUBT)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research report issued on Monday, Benzinga reports. They currently have a $22.00 target price on the stock. Rosenblatt Securities’ price target points to a potential upside of 238.46% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 price target on shares of Quantum Computing in a research report on Tuesday, August 11th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, September 21st. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.67.

Quantum Computing Stock Up 1.2%

NASDAQ:QUBT opened at $6.50 on Monday. The company has a market cap of $1.47 billion, a P/E ratio of -92.84 and a beta of 3.75. Quantum Computing has a twelve month low of $6.08 and a twelve month high of $17.40. The business has a 50 day moving average price of $8.09 and a two-hundred day moving average price of $8.91.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. As a group, analysts anticipate that Quantum Computing will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its holdings in Quantum Computing by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock worth $86,000 after buying an additional 1,057 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in Quantum Computing by 3.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 52,924 shares of the company’s stock worth $543,000 after acquiring an additional 1,871 shares in the last quarter. Essex Financial Services Inc. lifted its stake in Quantum Computing by 16.3% in the first quarter. Essex Financial Services Inc. now owns 14,120 shares of the company’s stock valued at $97,000 after acquiring an additional 1,979 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in Quantum Computing by 14.9% in the first quarter. Chicago Partners Investment Group LLC now owns 19,053 shares of the company’s stock valued at $131,000 after acquiring an additional 2,467 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Quantum Computing by 24.1% in the first quarter. Principal Financial Group Inc. now owns 14,770 shares of the company’s stock valued at $101,000 after acquiring an additional 2,867 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Company Profile

Quantum Computing, Inc (NASDAQ:QUBT) develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.

Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.