Quantinuum (NASDAQ:QNT) Trading 6.1% Higher – Still a Buy?

Quantinuum Inc. (NASDAQ:QNT)’s stock price shot up 6.1% on Wednesday . The stock traded as high as $52.30 and last traded at $51.61. Approximately 250,732 shares changed hands during trading, a decline of 89% from the average session volume of 2,278,953 shares. The stock had previously closed at $48.65.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on QNT. Jefferies Financial Group set a $85.00 price objective on Quantinuum in a research report on Wednesday, August 12th. Rosenblatt Securities restated a “buy” rating and issued a $155.00 target price on shares of Quantinuum in a report on Wednesday, August 19th. JPMorgan Chase & Co. assumed coverage on Quantinuum in a report on Monday, June 29th. They set an “overweight” rating and a $97.00 target price for the company. Sanford C. Bernstein reiterated a “hold” rating on shares of Quantinuum in a research report on Wednesday, August 12th. Finally, Evercore began coverage on Quantinuum in a research note on Monday, June 29th. They issued an “outperform” rating and a $98.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.42.

Quantinuum Price Performance

The company has a 50 day moving average price of $55.26.

Quantinuum (NASDAQ:QNT) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The company had revenue of $8.00 million during the quarter. On average, sell-side analysts predict that Quantinuum Inc. will post -1.64 EPS for the current year.

Institutional Investors Weigh In On Quantinuum

Several institutional investors and hedge funds have recently modified their holdings of the business. HBK Investments L P bought a new position in Quantinuum during the second quarter valued at about $14,669,000. Tidal Investments LLC bought a new stake in shares of Quantinuum during the 2nd quarter worth about $1,122,000. BlueCrest Capital Management Ltd acquired a new position in shares of Quantinuum during the 2nd quarter valued at about $14,304,000. WINTON GROUP Ltd acquired a new position in shares of Quantinuum during the 2nd quarter valued at about $1,283,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Quantinuum in the 2nd quarter valued at approximately $417,000.

About Quantinuum

Quantinuum is a quantum computing and technology company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops integrated quantum computing systems, combining quantum hardware, software and applications for business, government and research customers.

Its offerings include trapped-ion quantum computers in the H-Series, quantum software development tools such as TKET, and cybersecurity products including Quantum Origin, which is designed to help generate and protect cryptographic keys.