Lake Street Capital Initiates Coverage on Quantum Computing (NASDAQ:QUBT)

Key Points

• Lake Street Capital has initiated coverage on Quantum Computing (NASDAQ:QUBT) with a "buy" rating and a price target of $24.00, indicating a potential upside of 35.52% from its current price.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with a consensus target price of $20.33.
• Insider sales have been significant, with directors selling over 1.15 million shares worth around $16.8 million in the last three months.

Equities researchers at Lake Street Capital assumed coverage on shares of Quantum Computing (NASDAQ:QUBT - Get Free Report) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $24.00 price target on the stock. Lake Street Capital's price target would indicate a potential upside of 35.52% from the company's current price.

QUBT has been the topic of several other research reports. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Ascendiant Capital Markets increased their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald assumed coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Quantum Computing Stock Performance

Shares of QUBT opened at $17.71 on Thursday. The firm has a market cap of $2.83 billion, a PE ratio of -26.04 and a beta of 3.88. The firm's 50 day moving average price is $16.25 and its 200 day moving average price is $12.62. Quantum Computing has a twelve month low of $0.64 and a twelve month high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Robert B. Fagenson sold 5,000 shares of Quantum Computing stock in a transaction on Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction on Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale can be found here. Insiders have sold 1,154,649 shares of company stock worth $16,805,481 over the last three months. 19.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QUBT. Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 116.8% in the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after buying an additional 1,416,928 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of Quantum Computing in the second quarter valued at about $19,543,000. Vanguard Group Inc. raised its holdings in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing during the 1st quarter worth about $7,084,000. Finally, Invesco Ltd. bought a new stake in Quantum Computing during the 2nd quarter worth about $16,035,000. 4.26% of the stock is owned by institutional investors.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.

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