Quantum Computing (NASDAQ:QUBT) Releases Earnings Results

Quantum Computing (NASDAQ:QUBT) announced its earnings results on Monday. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03, FiscalAI reports. The company had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.39 million.

Quantum Computing Price Performance

Shares of NASDAQ QUBT traded up $0.18 during midday trading on Monday, reaching $8.59. 11,705,061 shares of the stock were exchanged, compared to its average volume of 15,226,142. The business has a 50-day simple moving average of $10.30 and a two-hundred day simple moving average of $13.61. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -14.08 and a beta of 3.44. Quantum Computing has a 12 month low of $4.37 and a 12 month high of $25.84.

Insider Buying and Selling

In related news, COO Milan Begliarbekov sold 2,860 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $11.85, for a total transaction of $33,891.00. Following the sale, the chief operating officer owned 24,240 shares of the company’s stock, valued at approximately $287,244. This trade represents a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. bought a new stake in Quantum Computing during the 3rd quarter worth approximately $123,014,000. Marex Group plc boosted its holdings in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after buying an additional 5,945,679 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares during the period. Ghisallo Capital Management LLC bought a new stake in shares of Quantum Computing during the third quarter worth $74,194,000. Finally, Defiance ETFs LLC acquired a new stake in shares of Quantum Computing during the fourth quarter worth $33,071,000. Institutional investors own 4.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen raised Quantum Computing from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Lake Street Capital reduced their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Finally, Ascendiant Capital Markets dropped their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.00.

About Quantum Computing

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.