Quantum Computing (NASDAQ:QUBT) Shares Up 4.6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 4.6% on Thursday . The company traded as high as $9.33 and last traded at $9.15. Approximately 8,721,159 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 17,078,271 shares. The stock had previously closed at $8.75.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Monday, June 29th. Northland Securities assumed coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a research report on Monday. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Price Performance

The firm has a market cap of $2.06 billion, a P/E ratio of -32.68 and a beta of 3.78. The company’s 50-day moving average is $10.28 and its two-hundred day moving average is $9.56.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Focus Financial Network Inc. raised its stake in Quantum Computing by 402.6% during the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock worth $8,843,000 after acquiring an additional 730,240 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Quantum Computing by 24.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 63,236 shares of the company’s stock valued at $613,000 after purchasing an additional 12,417 shares in the last quarter. GK Wealth Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at approximately $116,000. Amundi bought a new stake in shares of Quantum Computing during the 1st quarter valued at approximately $503,000. Finally, California State Teachers Retirement System grew its holdings in shares of Quantum Computing by 32.5% during the 1st quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock valued at $1,726,000 after purchasing an additional 61,790 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.