Quantum Computing (NASDAQ:QUBT) Raised to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded Quantum Computing from “strong sell” to “sell,” while analyst opinions remain mixed. The stock has a consensus “Hold” rating and an average price target of $18.67.
• QUBT shares opened at $6.60, down 3.2%, with a market capitalization of $1.49 billion and a 52-week range of $6.08 to $16.79.
• The company reported a quarterly loss of $0.05 per share, missing estimates by $0.02, although revenue of $5.55 million exceeded expectations. Institutional investors collectively own 4.26% of the stock.

Quantum Computing (NASDAQ:QUBT - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages also recently issued reports on QUBT. Wedbush initiated coverage on Quantum Computing in a research note on Monday, August 3rd. They issued a "neutral" rating and a $12.00 target price for the company. Lake Street Capital reiterated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Ascendiant Capital Markets raised their target price on Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Quantum Computing in a report on Monday, September 21st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, October 19th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Quantum Computing has a consensus rating of "Hold" and a consensus target price of $18.67.

Quantum Computing Stock Down 3.2%

Shares of NASDAQ QUBT opened at $6.60 on Friday. The business's 50 day moving average price is $7.78 and its 200 day moving average price is $8.77. The firm has a market cap of $1.49 billion, a P/E ratio of -94.27 and a beta of 3.75. Quantum Computing has a 52 week low of $6.08 and a 52 week high of $16.79.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million for the quarter, compared to analysts' expectations of $5.15 million. As a group, research analysts expect that Quantum Computing will post -0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Chicago Partners Investment Group LLC grew its stake in shares of Quantum Computing by 19.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 28,097 shares of the company's stock valued at $184,000 after buying an additional 4,669 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in Quantum Computing by 106.4% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 2,948 shares of the company's stock valued at $25,000 after acquiring an additional 1,520 shares in the last quarter. Corecam Pte. Ltd. raised its position in Quantum Computing by 35.9% during the third quarter. Corecam Pte. Ltd. now owns 82,730 shares of the company's stock valued at $699,000 after acquiring an additional 21,871 shares in the last quarter. Simplicity Wealth LLC raised its position in Quantum Computing by 9.5% during the third quarter. Simplicity Wealth LLC now owns 63,532 shares of the company's stock valued at $537,000 after acquiring an additional 5,504 shares in the last quarter. Finally, Sowell Financial Services LLC lifted its stake in Quantum Computing by 33.2% in the third quarter. Sowell Financial Services LLC now owns 16,060 shares of the company's stock valued at $136,000 after acquiring an additional 4,000 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

About Quantum Computing

Quantum Computing, Inc NASDAQ: QUBT develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.

Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.

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