Quantum Computing (NASDAQ:QUBT) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says

Key Points

• Ascendiant Capital Markets raised its price target for Quantum Computing stock from $22.00 to $40.00, indicating a potential upside of 100.20% from its previous closing price.
• Several brokerages have mixed ratings on Quantum Computing, with two analysts assigning a "Buy" rating while others issued a "Sell" rating, reflecting diverse opinions on the stock's potential.
• Insider trading activity included significant sales by executives, with the CEO selling 1,000,000 shares valued at $14.41 each, which indicates possible concern about the company's stock performance.

Quantum Computing (NASDAQ:QUBT - Get Free Report) had its price objective upped by equities researchers at Ascendiant Capital Markets from $22.00 to $40.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Ascendiant Capital Markets' price target would suggest a potential upside of 100.20% from the company's previous close.

A number of other brokerages also recently commented on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target for the company. Lake Street Capital assumed coverage on Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price for the company. Finally, Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Quantum Computing currently has an average rating of "Moderate Buy" and a consensus price target of $26.33.

Quantum Computing Stock Up 5.3%

Shares of Quantum Computing stock opened at $19.98 on Friday. The company has a market cap of $3.19 billion, a PE ratio of -29.38 and a beta of 3.85. Quantum Computing has a 52 week low of $0.65 and a 52 week high of $27.15. The business has a 50 day moving average price of $16.68 and a 200-day moving average price of $13.72.

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

Insider Buying and Selling

In related news, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the sale, the chief executive officer directly owned 21,287,718 shares of the company's stock, valued at $306,756,016.38. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 over the last three months. Insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. boosted its stake in Quantum Computing by 159.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after buying an additional 20,731 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Quantum Computing during the first quarter worth about $798,000. Teacher Retirement System of Texas bought a new stake in Quantum Computing during the first quarter worth about $136,000. Vanguard Group Inc. lifted its stake in Quantum Computing by 24.0% during the first 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. Finally, Swiss National Bank bought a new stake in Quantum Computing during the first quarter worth about $1,806,000. Institutional investors own 4.26% of the company's stock.

Quantum Computing Company Profile

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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