Quantinuum (NASDAQ:QNT) Stock Jumps 7.1% - Still a Buy?

Key Points

• Quantinuum shares rose 7.1% to about $40.21, although trading volume was 48% below the stock’s average daily volume.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $94.23 average price target; several firms set targets between $90 and $100.
• The company reported a quarterly loss of $0.28 per share, slightly worse than estimates, on $8 million in revenue. Institutional investors, including Wellington Management, recently established significant positions.

Quantinuum Inc. (NASDAQ:QNT - Get Free Report) rose 7.1% during mid-day trading on Tuesday. The stock traded as high as $40.29 and last traded at $40.21. 1,201,026 shares traded hands during trading, a decline of 48% from the average daily volume of 2,293,904 shares. The stock had previously closed at $37.53.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on QNT. TD Cowen started coverage on Quantinuum in a research report on Monday, June 29th. They issued a "buy" rating for the company. Craig Hallum started coverage on Quantinuum in a research note on Monday, June 29th. They set a "buy" rating and a $100.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and set a $100.00 target price on shares of Quantinuum in a research note on Wednesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 target price on shares of Quantinuum in a report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of Quantinuum to a "hold" rating in a research report on Tuesday, June 30th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $94.23.

Quantinuum Stock Up 7.1%

The company's fifty day moving average is $47.79. The company has a market capitalization of $10.59 billion and a P/E ratio of -143.61.

Quantinuum (NASDAQ:QNT - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The company had revenue of $8.00 million during the quarter. Sell-side analysts expect that Quantinuum Inc. will post -4.76 EPS for the current year.

Hedge Funds Weigh In On Quantinuum

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Quantinuum in the 2nd quarter valued at about $92,418,000. BlueCrest Capital Management Ltd bought a new position in Quantinuum in the 2nd quarter worth about $14,304,000. HBK Investments L P acquired a new stake in shares of Quantinuum in the second quarter valued at approximately $14,669,000. Readystate Asset Management LP acquired a new stake in shares of Quantinuum in the second quarter valued at approximately $4,111,000. Finally, Light Street Capital Management LLC bought a new stake in shares of Quantinuum during the second quarter valued at approximately $2,881,000.

Quantinuum Company Profile

Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.

Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum's software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.

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