Quantum Computing (NASDAQ:QUBT) Price Target Raised to $40.00

Quantum Computing (NASDAQ:QUBT) had its target price raised by Ascendiant Capital Markets from $22.00 to $40.00 in a research report released on Friday, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Several other equities analysts also recently commented on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a “neutral” rating and a $15.00 price target on the stock. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Finally, Lake Street Capital initiated coverage on shares of Quantum Computing in a report on Thursday, September 18th. They issued a “buy” rating and a $24.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and a consensus target price of $26.33.

Quantum Computing Price Performance

NASDAQ QUBT opened at $24.62 on Friday. Quantum Computing has a fifty-two week low of $0.65 and a fifty-two week high of $27.15. The stock’s 50-day moving average is $16.84 and its two-hundred day moving average is $13.92. The firm has a market cap of $4.60 billion, a P/E ratio of -36.21 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Activity

In other news, CRO Pouya Dianat sold 17,175 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $15.26, for a total transaction of $266,653.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,154,649 shares of company stock worth $16,805,481. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Institutional investors have recently bought and sold shares of the business. Rhumbline Advisers bought a new stake in shares of Quantum Computing during the first quarter worth $28,000. Nisa Investment Advisors LLC acquired a new position in Quantum Computing during the 2nd quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Quantum Computing during the 2nd quarter worth about $29,000. Hollencrest Capital Management increased its position in Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 1,500 shares in the last quarter. Finally, FWL Investment Management LLC bought a new position in shares of Quantum Computing in the second quarter worth about $33,000. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.