Quantum Computing (NASDAQ:QUBT) Trading 8.1% Higher – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) shot up 8.1% on Monday . The company traded as high as $10.10 and last traded at $9.92. Approximately 17,070,367 shares changed hands during trading, a decline of 2% from the average daily volume of 17,429,771 shares. The stock had previously closed at $9.18.

Analyst Ratings Changes

QUBT has been the subject of several recent research reports. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Ascendiant Capital Markets raised their target price on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

The firm has a market cap of $2.24 billion, a P/E ratio of -35.39 and a beta of 3.72. The stock’s 50 day moving average is $10.30 and its two-hundred day moving average is $9.70.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. As a group, research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently modified their holdings of the stock. Amundi bought a new position in shares of Quantum Computing during the 1st quarter worth approximately $503,000. California State Teachers Retirement System boosted its stake in Quantum Computing by 32.5% in the 1st quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock valued at $1,726,000 after buying an additional 61,790 shares in the last quarter. Royal Bank of Canada grew its position in Quantum Computing by 122.1% in the first quarter. Royal Bank of Canada now owns 197,491 shares of the company’s stock valued at $1,352,000 after acquiring an additional 108,558 shares during the period. Quantinno Capital Management LP bought a new stake in Quantum Computing in the first quarter valued at $246,000. Finally, Renaissance Technologies LLC raised its stake in Quantum Computing by 393.8% during the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock worth $4,574,000 after acquiring an additional 532,451 shares in the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

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.