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

Quantum Computing Inc. (NASDAQ:QUBT) has been given an average recommendation of “Hold” by the seven analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $18.3333.

A number of equities analysts have issued reports on QUBT shares. Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Monday, June 29th. Wall Street Zen cut Quantum Computing from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a report on Tuesday, August 11th.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in shares of Quantum Computing by 762.3% during the second quarter. California State Teachers Retirement System now owns 2,172,907 shares of the company’s stock worth $224,011,000 after buying an additional 1,920,905 shares in the last quarter. Ameritas Advisory Services LLC grew its position in shares of Quantum Computing by 486.8% in the 2nd quarter. Ameritas Advisory Services LLC now owns 60,848 shares of the company’s stock valued at $590,000 after acquiring an additional 50,478 shares during the period. SkyOak Wealth LLC acquired a new position in Quantum Computing during the second quarter worth approximately $109,000. Wedbush Securities Inc. bought a new stake in Quantum Computing in the 2nd quarter valued at $122,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Quantum Computing by 28.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 321,236 shares of the company’s stock valued at $3,116,000 after acquiring an additional 70,775 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Trading Down 0.1%

Quantum Computing stock opened at $8.91 on Monday. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84. The company has a market cap of $2.02 billion, a PE ratio of -127.27 and a beta of 3.74. The company’s 50-day moving average is $8.88 and its two-hundred day moving average is $8.89.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly 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. Research analysts forecast that Quantum Computing will post -0.18 EPS for the current year.

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.