Quantinuum (NASDAQ:QNT) Stock Price Up 7.4% – Here’s What Happened

Quantinuum Inc. (NASDAQ:QNT)’s share price shot up 7.4% during trading on Thursday. The company traded as high as $35.65 and last traded at $35.47. Approximately 1,604,200 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 2,263,710 shares. The stock had previously closed at $33.03.

Analysts Set New Price Targets

Several analysts have recently commented on QNT shares. Jefferies Financial Group set a $85.00 price target on Quantinuum in a report on Wednesday, August 12th. Zacks Research upgraded Quantinuum to a “hold” rating in a report on Tuesday, June 30th. Rosenblatt Securities reissued a “buy” rating and issued a $155.00 price objective on shares of Quantinuum in a research report on Wednesday, August 19th. Wall Street Zen lowered Quantinuum from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Quantinuum in a report on Wednesday, August 12th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Quantinuum has an average rating of “Moderate Buy” and an average target price of $97.08.

Quantinuum Stock Performance

The company has a market capitalization of $9.51 billion and a P/E ratio of -129.00. The company’s 50 day simple moving average is $51.09.

Quantinuum (NASDAQ:QNT) last announced 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 firm had revenue of $8.00 million for the quarter. Research analysts predict that Quantinuum Inc. will post -4.76 earnings per share for the current fiscal year.

Institutional Trading of Quantinuum

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CoreCap Advisors LLC acquired a new stake in shares of Quantinuum during the third quarter worth $32,000. Lisanti Capital Growth LLC bought a new position in Quantinuum in the second quarter worth approximately $409,000. Integrated Wealth Concepts LLC bought a new position in shares of Quantinuum in the 2nd quarter worth $417,000. Steel Grove Capital Advisors LLC lifted its stake in shares of Quantinuum by 25.6% in the third quarter. Steel Grove Capital Advisors LLC now owns 5,992 shares of the company’s stock valued at $288,000 after buying an additional 1,222 shares in the last quarter. Finally, Outfitters Financial LLC bought a new position in Quantinuum in the 2nd quarter valued at about $511,000.

About Quantinuum

Quantinuum is a quantum computing and quantum information technology company that develops full-stack quantum computing systems, software and cybersecurity solutions. Its business combines trapped-ion quantum computing hardware with software designed to help organizations develop, test and run quantum applications.

The company offers quantum computing systems and related cloud access, as well as software products for quantum programming, algorithm development and chemistry research. Its portfolio has included the TKET software development toolkit, InQuanto for quantum chemistry and materials modeling, and Quantum Origin, a platform focused on quantum-enhanced cybersecurity and cryptographic key generation.