Quantum Computing (NASDAQ:QUBT) Trading Up 3.6% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 3.6% on Monday . The stock traded as high as $13.00 and last traded at $12.39. Approximately 32,009,476 shares changed hands during trading, an increase of 84% from the average daily volume of 17,379,211 shares. The stock had previously closed at $11.96.

Wall Street Analysts Forecast Growth

QUBT has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Cantor Fitzgerald dropped their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Wall Street Zen raised Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Stock Performance

The stock has a market cap of $2.76 billion, a PE ratio of -43.75 and a beta of 3.72. The company’s 50-day moving average price is $9.11 and its 200 day moving average price is $9.86.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. As a group, equities research analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Christopher Bruce Roberts sold 9,360 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total transaction of $73,476.00. Following the completion of the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. This trade represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing during the third quarter valued at about $123,014,000. Marex Group plc lifted its holdings in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after acquiring an additional 5,945,679 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares during the last quarter. Ghisallo Capital Management LLC purchased a new position in shares of Quantum Computing during the 3rd quarter worth approximately $74,194,000. Finally, Defiance ETFs LLC purchased a new position in shares of Quantum Computing during the 4th quarter worth approximately $33,071,000. Hedge funds and other 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.