Brokerages Set Quantum Computing Inc. (NASDAQ:QUBT) Price Target at $17.00

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have received a consensus rating of “Hold” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $17.00.

A number of equities research analysts recently weighed in on the stock. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Ascendiant Capital Markets lowered their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, December 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday. Wedbush started coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price target for the company. Finally, Cantor Fitzgerald decreased their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd.

Quantum Computing Price Performance

Shares of QUBT stock opened at $6.85 on Friday. Quantum Computing has a 12-month low of $5.76 and a 12-month high of $25.84. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -45.67 and a beta of 3.51. The business has a 50 day simple moving average of $8.45 and a 200 day simple moving average of $12.37.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Monday, March 2nd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $0.20 million for the quarter, compared to the consensus estimate of $0.39 million.

Insiders Place Their Bets

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Milan Begliarbekov sold 2,860 shares of Quantum Computing stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $11.85, for a total value of $33,891.00. Following the transaction, the chief operating officer directly owned 24,240 shares in the company, valued at approximately $287,244. The trade was a 10.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 81,122 shares of company stock valued at $648,248. 19.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 23.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after acquiring an additional 2,286,514 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Quantum Computing by 1,612.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after acquiring an additional 879,374 shares during the last quarter. Ghisallo Capital Management LLC acquired a new stake in shares of Quantum Computing during the third quarter worth $74,194,000. Polar Asset Management Partners Inc. lifted its holdings in shares of Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Quantum Computing during the third quarter valued at $5,439,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.