Quantum Computing (NASDAQ:QUBT) Stock Price Up 7.3% - Here's What Happened

Key Points

• QUBT shares rose 7.3%, trading as high as $11.07 and last at $11.01 on about 16.53 million shares (roughly 1% below average), up from a $10.26 close.
• Analysts are mixed (2 Buy, 2 Hold, 1 Sell) with a consensus Hold rating and an average price target of $17, though individual targets have recently been cut and range roughly $12–$25.
• Most recent quarter reported EPS of ($0.05) (in line with estimates) and revenue of $0.38M (above $0.12M expectations); the company has a $2.47 billion market cap and a negative P/E of -18.05.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded up 7.3% during trading on Friday . The company traded as high as $11.07 and last traded at $11.01. 16,531,404 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 16,744,419 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

QUBT has been the subject of a number of recent research reports. Lake Street Capital decreased their price target on shares of Quantum Computing from $24.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, November 17th. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Saturday, November 22nd. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Ascendiant Capital Markets decreased their price objective on Quantum Computing from $40.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, December 22nd. Finally, Wedbush began coverage on Quantum Computing in a research note on Wednesday, December 17th. They issued a "neutral" rating and a $12.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $17.00.

Quantum Computing Price Performance

The stock's 50-day moving average is $12.19 and its 200 day moving average is $15.84. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -18.05 and a beta of 3.49.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analysts' expectations of $0.12 million.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing in the 2nd quarter valued at about $28,000. Farther Finance Advisors LLC increased its holdings in Quantum Computing by 724.7% in the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company's stock valued at $28,000 after buying an additional 1,319 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Quantum Computing during the 1st quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Quantum Computing during the 2nd quarter worth approximately $29,000. Finally, FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter worth approximately $33,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

Quantum Computing Inc NASDAQ: QUBT is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company's flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

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