Quantum Computing (NASDAQ:QUBT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Quantum Computing from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with an average price target of $18.67.
• QUBT shares opened at $8.96, with a market capitalization of approximately $2.03 billion and a wide one-year trading range of $6.18 to $25.84.
• 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 own 4.26% of the stock.

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

Other equities research analysts have also recently issued reports about the company. Wedbush started coverage on Quantum Computing in a research note on Monday, August 3rd. They issued a "neutral" rating and a $12.00 price target on the stock. Cantor Fitzgerald reiterated a "neutral" rating and issued a $10.00 price objective on shares of Quantum Computing in a report on Tuesday, August 11th. Rosenblatt Securities reissued a "buy" rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Monday, June 29th. Lake Street Capital restated a "buy" rating on shares of Quantum Computing in a report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum Computing in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Quantum Computing presently has a consensus rating of "Hold" and an average price target of $18.67.

Quantum Computing Price Performance

Shares of QUBT opened at $8.96 on Friday. The company has a 50-day simple moving average of $8.38 and a two-hundred day simple moving average of $8.87. The firm has a market capitalization of $2.03 billion, a PE ratio of -127.98 and a beta of 3.78. Quantum Computing has a one year low of $6.18 and a one year high of $25.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results 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 business had revenue of $5.55 million during the quarter, compared to analysts' expectations of $5.15 million. Analysts expect that Quantum Computing will post -0.19 EPS for the current fiscal year.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Focus Financial Network Inc. lifted its stake in shares of Quantum Computing by 402.6% in the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company's stock worth $8,843,000 after buying an additional 730,240 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Quantum Computing during the second quarter valued at approximately $172,020,000. Corient Private Wealth LP bought a new stake in shares of Quantum Computing during the second quarter valued at approximately $1,286,000. Landscape Capital Management L.L.C. bought a new stake in shares of Quantum Computing during the second quarter valued at approximately $3,696,000. Finally, Deutsche Bank AG bought a new stake in shares of Quantum Computing during the second quarter valued at approximately $2,025,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

About Quantum Computing

Quantum Computing, Inc NASDAQ: QUBT, also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi's offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.

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