Quantinuum (NASDAQ:QNT) Stock Jumps 7.4% – Time to Buy?

Quantinuum Inc. (NASDAQ:QNT)’s stock price was up 7.4% during trading on Thursday. The stock traded as high as $35.65 and last traded at $35.47. Approximately 1,604,200 shares were traded during trading, a decline of 29% from the average session volume of 2,263,710 shares. The stock had previously closed at $33.03.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on QNT shares. Sanford C. Bernstein reiterated a “hold” rating on shares of Quantinuum in a research report on Wednesday, August 12th. UBS Group initiated coverage on Quantinuum in a research report on Monday, June 29th. They set a “buy” rating and a $93.00 price objective for the company. Jefferies Financial Group set a $85.00 price objective on Quantinuum in a research report on Wednesday, August 12th. Bank of America assumed coverage on Quantinuum in a research note on Monday, June 29th. They set a “buy” rating and a $100.00 price objective for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $155.00 target price on shares of Quantinuum in a research report on Wednesday, August 19th. Twelve 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 “Moderate Buy” and a consensus price target of $97.08.

Quantinuum Stock Down 0.4%

The stock’s 50-day moving average price is $50.20. The stock has a market cap of $9.62 billion and a PE ratio of -130.54.

Quantinuum (NASDAQ:QNT) last posted its earnings results on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The business had revenue of $8.00 million for the quarter. On average, research analysts predict that Quantinuum Inc. will post -4.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quantinuum

Hedge funds and other institutional investors have recently made changes to their positions in the business. CoreCap Advisors LLC bought a new position in Quantinuum in the 3rd quarter worth approximately $32,000. Lisanti Capital Growth LLC acquired a new position in Quantinuum during the 2nd quarter worth $409,000. Integrated Wealth Concepts LLC bought a new position in shares of Quantinuum in the second quarter worth $417,000. Steel Grove Capital Advisors LLC grew its stake in shares of Quantinuum by 25.6% in the third quarter. Steel Grove Capital Advisors LLC now owns 5,992 shares of the company’s stock worth $288,000 after purchasing an additional 1,222 shares in the last quarter. Finally, Outfitters Financial LLC acquired a new position in shares of Quantinuum during the second quarter valued at $511,000.

Quantinuum Company Profile

Quantinuum is a quantum computing and quantum information technology company that develops full-stack quantum computing systems, software and cybersecurity solutions. Its business combines trapped-ion quantum computing hardware with software designed to help organizations develop, test and run quantum applications.

The company offers quantum computing systems and related cloud access, as well as software products for quantum programming, algorithm development and chemistry research. Its portfolio has included the TKET software development toolkit, InQuanto for quantum chemistry and materials modeling, and Quantum Origin, a platform focused on quantum-enhanced cybersecurity and cryptographic key generation.