Quantum Computing (NASDAQ:QUBT) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says

Quantum Computing (NASDAQ:QUBT) had its price objective upped by investment analysts at Ascendiant Capital Markets from $30.00 to $32.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price points to a potential upside of 278.25% from the stock’s previous close.

A number of other analysts have also recently issued reports on QUBT. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Wedbush initiated coverage on shares of Quantum Computing in a report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Four 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $18.67.

Quantum Computing Price Performance

QUBT opened at $8.46 on Wednesday. Quantum Computing has a fifty-two week low of $6.18 and a fifty-two week high of $25.84. The business has a 50-day moving average of $8.79 and a 200-day moving average of $8.88. The company has a market capitalization of $1.91 billion, a PE ratio of -120.84 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. On average, equities research analysts expect that Quantum Computing will post -0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in QUBT. FWL Investment Management LLC bought a new position in shares of Quantum Computing in the second quarter valued at approximately $33,000. Triumph Capital Management acquired a new position in Quantum Computing in the 3rd quarter valued at $45,000. International Assets Investment Management LLC acquired a new position in Quantum Computing in the 4th quarter valued at $26,000. Tucker Asset Management LLC bought a new position in Quantum Computing in the 4th quarter worth $29,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Quantum Computing in the 2nd quarter worth $29,000. Institutional investors own 4.26% of the company’s stock.

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.