Quantum Computing (NASDAQ:QUBT) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Quantum Computing from “sell” to “strong sell,” while analysts overall maintain a consensus “hold” rating with an average price target of $18.67.
• QUBT shares opened at $6.36, near their 52-week low of $6.08, and have a market capitalization of approximately $1.44 billion. The stock has declined below both its 50-day and 200-day moving averages.
• Quantum Computing reported a quarterly loss of $0.05 per share, missing estimates by $0.02, though revenue of $5.55 million exceeded forecasts; analysts expect a full-year loss of $0.19 per share.

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

QUBT has been the topic of several other reports. Lake Street Capital restated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Rosenblatt Securities reissued a "buy" rating and set a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum Computing in a research report on Monday, September 21st. Wedbush initiated coverage on Quantum Computing in a research report on Monday, August 3rd. They issued a "neutral" rating and a $12.00 target price for the company. Finally, Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. Four equities 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.67.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $6.36 on Friday. Quantum Computing has a fifty-two week low of $6.08 and a fifty-two week high of $19.11. The firm has a fifty day moving average price of $8.19 and a two-hundred day moving average price of $8.90. The company has a market cap of $1.44 billion, a PE ratio of -90.84 and a beta of 3.75.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted 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 business had revenue of $5.55 million for the quarter, compared to the consensus estimate of $5.15 million. Analysts expect that Quantum Computing will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC bought a new stake in Quantum Computing during the second quarter worth about $322,000. MCF Advisors LLC acquired a new stake in shares of Quantum Computing during the 2nd quarter worth approximately $29,000. WINTON GROUP Ltd acquired a new position in Quantum Computing in the second quarter valued at approximately $398,000. Integrated Wealth Concepts LLC bought a new position in Quantum Computing in the second quarter valued at approximately $69,000. Finally, NewEdge Advisors LLC boosted its stake in Quantum Computing by 89.4% in the second quarter. NewEdge Advisors LLC now owns 20,718 shares of the company's stock valued at $201,000 after acquiring an additional 9,781 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Company Profile

Quantum Computing, Inc NASDAQ: QUBT, also known as QCi, develops quantum and photonic computing technologies intended to make quantum-based solutions more accessible to commercial, government and research customers. The company focuses on applications involving optimization, machine learning, cybersecurity, artificial intelligence and other complex computational problems.

QCi's offerings have included software tools and quantum-computing systems designed for optimization and related workloads, including its Qatalyst software platform and Dirac photonic quantum computing systems.

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