Quantum Computing (NASDAQ:QUBT) Shares Up 4% – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) shot up 4% during mid-day trading on Thursday . The stock traded as high as $10.05 and last traded at $9.91. 12,903,226 shares were traded during mid-day trading, a decline of 26% from the average session volume of 17,422,787 shares. The stock had previously closed at $9.53.

Analyst Ratings Changes

Several research firms recently issued reports on QUBT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Northland Securities began coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald reduced their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Up 0.2%

The stock’s 50-day moving average price is $9.73 and its 200 day moving average price is $9.84. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -35.46 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, research analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Trading of Quantum Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC bought a new stake in Quantum Computing in the fourth quarter valued at about $26,000. International Assets Investment Management LLC bought a new stake in Quantum Computing in the fourth quarter valued at about $26,000. Rhumbline Advisers bought a new stake in Quantum Computing in the first quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in Quantum Computing in the fourth quarter valued at about $29,000. Finally, Toth Financial Advisory Corp increased its stake in Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.