Quantum Computing (NASDAQ:QUBT) Trading 3.5% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) traded up 3.5% on Monday . The stock traded as high as $9.57 and last traded at $9.37. Approximately 8,553,897 shares changed hands during trading, a decline of 50% from the average session volume of 17,248,717 shares. The stock had previously closed at $9.05.

Wall Street Analyst Weigh In

QUBT has been the topic of several recent analyst reports. Ascendiant Capital Markets boosted their target price on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Up 0.7%

The stock’s 50-day moving average price is $10.29 and its 200-day moving average price is $9.57. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -31.25 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. On average, equities research analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently made changes to their positions in QUBT. GK Wealth Management LLC bought a new stake in shares of Quantum Computing during the second quarter worth $116,000. Amundi bought a new position in Quantum Computing in the first quarter valued at about $503,000. California State Teachers Retirement System boosted its holdings in Quantum Computing by 32.5% in the first quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock valued at $1,726,000 after acquiring an additional 61,790 shares during the last quarter. Royal Bank of Canada increased its position in Quantum Computing by 122.1% in the first quarter. Royal Bank of Canada now owns 197,491 shares of the company’s stock worth $1,352,000 after purchasing an additional 108,558 shares during the period. Finally, Quantinno Capital Management LP acquired a new stake in Quantum Computing in the first quarter worth about $246,000. 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.