Quantum Computing (NASDAQ:QUBT) Trading 9.3% Higher – Should You Buy?

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

Analysts Set New Price Targets

A number of research firms have recently commented on QUBT. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Trading Up 6.4%

The stock has a market cap of $1.78 billion, a PE ratio of -28.20 and a beta of 3.78. The firm has a fifty day simple moving average of $9.81 and a two-hundred day simple moving average of $9.31.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. Equities analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. Vanguard Group Inc. raised its position in Quantum Computing by 38.1% during the 4th 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. Marex Group plc grew its position in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing during the third quarter valued at approximately $123,014,000. Geode Capital Management LLC increased its stake in shares of Quantum Computing by 45.5% during the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after buying an additional 1,428,120 shares during the period. Finally, State Street Corp raised its holdings in shares of Quantum Computing by 44.1% during the fourth quarter. State Street Corp now owns 4,344,023 shares of the company’s stock valued at $44,570,000 after acquiring an additional 1,329,433 shares in the last quarter. 4.26% of the stock is owned by institutional investors.

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.