Quantum Computing (NASDAQ:QUBT) Stock Price Up 9.3% - What's Next?

Key Points

• Quantum Computing shares rose 9.3% to $8.12 in mid-day trading, although trading volume was 84% below the average daily level.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $18.33, with targets ranging from $10 to $30 and ratings spanning Buy to Sell.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.02 per share versus the expected $0.05 loss and revenue of $3.69 million versus the $3.13 million forecast; analysts expect a full-year loss of $0.14 per share.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was up 9.3% during mid-day trading on Monday . The company traded as high as $8.17 and last traded at $8.12. Approximately 2,625,438 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 16,304,942 shares. The stock had previously closed at $7.43.

Analysts Set New Price Targets

Several brokerages recently weighed in on QUBT. Rosenblatt Securities restated a "buy" rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Monday, June 29th. Cantor Fitzgerald restated a "neutral" rating and issued a $10.00 price objective on shares of Quantum Computing in a report on Wednesday, June 24th. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, June 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.33.

Quantum Computing Trading Up 6.4%

The company has a market capitalization of $1.78 billion, a PE ratio of -28.20 and a beta of 3.78. The stock's fifty day moving average is $9.81 and its two-hundred day moving average is $9.31.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analysts' expectations of $3.13 million. As a group, analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of QUBT. Vanguard Group Inc. lifted its holdings in Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company's stock valued at $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. SLT Holdings LLC increased its stake in shares of Quantum Computing by 1,028.7% in the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company's stock worth $1,737,000 after purchasing an additional 154,300 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Quantum Computing in the third quarter worth about $4,582,000. Pacific Heights Asset Management LLC raised its position in shares of Quantum Computing by 38.5% in the fourth quarter. Pacific Heights Asset Management LLC now owns 900,000 shares of the company's stock valued at $9,234,000 after purchasing an additional 250,000 shares during the period. Finally, Modera Wealth Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $880,000. 4.26% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.