Quantinuum (NASDAQ:QNT) Given New $50.00 Price Target at Bank of America

Key Points

• Bank of America lowered its Quantinuum price target from $85 to $50, while retaining a Buy rating; the new target implies 33.08% upside from the previous close.
• Analyst views remain broadly positive: MarketBeat reports a Moderate Buy consensus and an average price target of $81.77, though other firms have also cut targets.
• Quantinuum reported a quarterly loss of $0.29 per share, beating estimates for a $0.99 loss, on revenue of $9.05 million. Shares opened at $37.57 and have traded between $28.31 and $86.79 over the past year.

Quantinuum (NASDAQ:QNT - Get Free Report) had its target price decreased by Bank of America from $85.00 to $50.00 in a note issued to investors on Monday, MarketBeat reports. The firm currently has a "buy" rating on the stock. Bank of America's price target would suggest a potential upside of 33.08% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Wall Street Zen raised Quantinuum from a "sell" rating to a "hold" rating in a research note on Saturday. Morgan Stanley upgraded Quantinuum from an "equal weight" rating to an "overweight" rating and dropped their target price for the company from $78.00 to $62.00 in a report on Thursday, October 15th. Yorkville Ives began coverage on Quantinuum in a research note on Monday, October 5th. They issued an "outperform" rating and a $60.00 target price for the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $155.00 target price on shares of Quantinuum in a research note on Thursday, October 22nd. Finally, Jefferies Financial Group reduced their price target on Quantinuum from $85.00 to $65.00 and set a "buy" rating on the stock in a report on Friday. Thirteen equities 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $81.77.

Quantinuum Price Performance

QNT opened at $37.57 on Monday. The stock has a market cap of $9.89 billion and a price-to-earnings ratio of -134.18. The business has a 50 day simple moving average of $43.41. Quantinuum has a 1-year low of $28.31 and a 1-year high of $86.79.

Quantinuum (NASDAQ:QNT - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.99) by $0.70. The company had revenue of $9.05 million during the quarter. On average, sell-side analysts forecast that Quantinuum will post -4.76 EPS for the current year.

Institutional Trading of Quantinuum

A number of hedge funds and other institutional investors have recently made changes to their positions in QNT. Wellington Management Group LLP purchased a new stake in Quantinuum in the second quarter valued at $92,418,000. HBK Investments L P acquired a new position in shares of Quantinuum in the 2nd quarter valued at $14,669,000. BlueCrest Capital Management Ltd purchased a new position in shares of Quantinuum during the 2nd quarter worth $14,304,000. Readystate Asset Management LP purchased a new position in shares of Quantinuum during the 2nd quarter worth $4,111,000. Finally, Light Street Capital Management LLC purchased a new position in shares of Quantinuum during the 2nd quarter worth $2,881,000.

Quantinuum Company Profile

Quantinuum develops quantum computers, software and cybersecurity products for businesses, researchers and government organizations. Its work includes trapped-ion quantum systems, tools for programming and managing quantum applications, and services focused on quantum chemistry and data security.

The company was formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum, bringing together quantum hardware and software capabilities. Its offerings include the H-series quantum computers, the TKET software development kit and InQuanto, a platform for quantum chemistry research.

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