Quantum Computing (NASDAQ:QUBT) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Quantum Computing (QUBT) from “sell” to “strong sell.” Other analyst views are mixed, and MarketBeat reports a consensus “hold” rating with an average price target of $18.67.
• QUBT opened at $5.56, near its 52-week low of $5.39, after a reported 4.5% decline. Its shares’ 50-day and 200-day moving averages were $7.37 and $8.49, respectively.
• In its latest quarter, the company reported an adjusted loss of $0.07 per share, missing the $0.04 loss analysts expected, while revenue of $9.5 million exceeded the $7.61 million consensus estimate.

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

A number of other equities analysts have also recently commented on QUBT. Rosenblatt Securities restated a "buy" rating and set a $22.00 target price on shares of Quantum Computing in a report on Monday, October 19th. Cantor Fitzgerald reiterated a "neutral" rating and set a $10.00 price target on shares of Quantum Computing in a research note on Tuesday, August 11th. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Wedbush reissued a "neutral" rating on shares of Quantum Computing in a research report on Tuesday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Quantum Computing in a research note on Monday, September 21st. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $18.67.

Quantum Computing Stock Down 4.5%

QUBT opened at $5.56 on Friday. Quantum Computing has a 52 week low of $5.39 and a 52 week high of $14.45. The business has a fifty day simple moving average of $7.37 and a 200-day simple moving average of $8.49. The firm has a market cap of $1.26 billion, a P/E ratio of -37.06 and a beta of 3.95.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $9.50 million during the quarter, compared to analysts' expectations of $7.61 million. During the same quarter in the previous year, the company earned $0.01 EPS. Sell-side analysts expect that Quantum Computing will post -0.20 earnings per share for the current year.

Institutional Trading of Quantum Computing

A number of large investors have recently modified their holdings of QUBT. Focus Financial Network Inc. boosted its stake in shares of Quantum Computing by 402.6% in the 2nd quarter. Focus Financial Network Inc. now owns 911,635 shares of the company's stock valued at $8,843,000 after buying an additional 730,240 shares during the period. Bank of America Corp DE acquired a new position in shares of Quantum Computing during the second quarter worth about $3,762,000. BlackRock Inc. acquired a new position in shares of Quantum Computing during the second quarter worth about $172,020,000. Corient Private Wealth LP acquired a new position in shares of Quantum Computing during the second quarter worth about $1,286,000. Finally, Deutsche Bank AG purchased a new stake in shares of Quantum Computing during the second quarter worth approximately $2,025,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Company Profile

Quantum Computing Inc. (QCi) develops quantum computing hardware and software, with a focus on photonics and systems designed to operate at room temperature. The company aims to make quantum technology more accessible for commercial and research applications. Its offerings include the Dirac quantum computing systems and software for optimization problems. QCi also develops photonic technologies for applications such as quantum sensing and cybersecurity. The company serves customers and organizations pursuing quantum computing and related technologies.

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