Quantum Computing (NASDAQ:QUBT) Price Target Raised to $32.00

Quantum Computing (NASDAQ:QUBT) had its price target lifted by Ascendiant Capital Markets from $30.00 to $32.00 in a research report report published on Wednesday, Marketbeat reports. The firm currently has a buy rating on the stock.

Other analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a research note on Tuesday, August 11th. Finally, Wedbush assumed coverage on shares of Quantum Computing in a report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price objective on the stock. Four investment 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, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $18.67.

Quantum Computing Stock Performance

Shares of QUBT stock opened at $8.15 on Wednesday. The company has a market cap of $1.84 billion, a P/E ratio of -116.41 and a beta of 3.74. The stock has a 50 day simple moving average of $8.67 and a two-hundred day simple moving average of $8.87. Quantum Computing has a fifty-two week low of $6.18 and a fifty-two week high of $25.84.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. On average, research analysts predict that Quantum Computing will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake 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 in the last quarter. SLT Holdings LLC raised its holdings in Quantum Computing by 1,028.7% during the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after buying an additional 154,300 shares during the last quarter. Focus Financial Network Inc. lifted its stake in shares of Quantum Computing by 402.6% in the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after buying an additional 730,240 shares in the last quarter. Pacific Heights Asset Management LLC lifted its stake 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 buying an additional 250,000 shares in the last quarter. Finally, BlackRock Inc. acquired a new position in shares of Quantum Computing during the second quarter valued at about $172,020,000. 4.26% of the stock is currently 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.