Ascendiant Capital Markets Forecasts Strong Price Appreciation for Quantum Computing (NASDAQ:QUBT) Stock

Quantum Computing (NASDAQ:QUBT) had its price objective upped by stock analysts at Ascendiant Capital Markets from $27.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Ascendiant Capital Markets’ price target suggests a potential upside of 202.11% from the company’s current price.

A number of other equities analysts have also recently commented on QUBT. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday. 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. Finally, Rosenblatt Securities restated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

Shares of NASDAQ QUBT opened at $9.93 on Monday. The business’s 50 day moving average is $9.73 and its two-hundred day moving average is $9.82. Quantum Computing has a 52-week low of $6.18 and a 52-week high of $25.84. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -35.46 and a beta of 3.72.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in QUBT. FWL Investment Management LLC purchased a new stake in Quantum Computing during the second quarter worth approximately $33,000. New Millennium Group LLC purchased a new position in Quantum Computing in the third quarter valued at approximately $36,000. Triumph Capital Management purchased a new position in Quantum Computing in the third quarter valued at approximately $45,000. Aventura Private Wealth LLC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $26,000. Finally, International Assets Investment Management LLC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $26,000. 4.26% of the stock is 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.