Quantum Computing (NASDAQ:QUBT) Trading Up 8.1% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares shot up 8.1% on Monday . The stock traded as high as $10.10 and last traded at $9.92. Approximately 17,070,367 shares traded hands during mid-day trading, a decline of 2% from the average daily volume of 17,429,771 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

QUBT has been the subject of a number of recent analyst reports. Rosenblatt Securities set a $22.00 target price on Quantum Computing and gave the stock a “buy” rating in a research report on Monday. Northland Securities began coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Stock Performance

The stock has a market cap of $2.24 billion, a P/E ratio of -35.39 and a beta of 3.72. The firm has a 50 day moving average of $10.30 and a two-hundred day moving average of $9.70.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. On average, sell-side analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amundi bought a new stake in Quantum Computing in the 1st quarter valued at $503,000. California State Teachers Retirement System grew its position in Quantum Computing by 32.5% in the 1st quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock worth $1,726,000 after purchasing an additional 61,790 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Quantum Computing by 122.1% during the 1st 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. Quantinno Capital Management LP bought a new position in shares of Quantum Computing during the 1st quarter worth about $246,000. Finally, Renaissance Technologies LLC raised its position in shares of Quantum Computing by 393.8% during the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock valued at $4,574,000 after buying an additional 532,451 shares during the last quarter. 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.