Quantinuum (NASDAQ:QNT) Stock Price Up 6.1% – Here’s What Happened

Quantinuum Inc. (NASDAQ:QNT)’s share price shot up 6.1% during trading on Wednesday . The stock traded as high as $52.30 and last traded at $51.61. 250,732 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 2,278,953 shares. The stock had previously closed at $48.65.

Analyst Ratings Changes

Several research analysts recently weighed in on QNT shares. TD Cowen began coverage on Quantinuum in a research report on Monday, June 29th. They set a “buy” rating on the stock. Rosenblatt Securities restated a “buy” rating and set a $155.00 price objective on shares of Quantinuum in a research report on Wednesday, August 19th. UBS Group assumed coverage on shares of Quantinuum in a research report on Monday, June 29th. They set a “buy” rating and a $93.00 price objective on the stock. Morgan Stanley assumed coverage on Quantinuum in a research report on Monday, June 29th. They issued an “equal weight” rating and a $78.00 target price on the stock. Finally, Evercore assumed coverage on shares of Quantinuum in a report on Monday, June 29th. They set an “outperform” rating and a $98.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.42.

Quantinuum Trading Up 7.3%

The firm has a 50 day simple moving average of $56.11.

Quantinuum (NASDAQ:QNT) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The firm had revenue of $8.00 million for the quarter. Equities research analysts forecast that Quantinuum Inc. will post -1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quantinuum

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP acquired a new position in Quantinuum in the second quarter worth about $92,418,000. BlueCrest Capital Management Ltd acquired a new position in Quantinuum during the 2nd quarter worth $14,304,000. Readystate Asset Management LP bought a new position in Quantinuum in the second quarter valued at about $4,111,000. Light Street Capital Management LLC acquired a new stake in shares of Quantinuum during the 2nd quarter worth approximately $2,881,000. Finally, WINTON GROUP Ltd acquired a new stake in Quantinuum during the 2nd quarter worth $1,283,000.

About Quantinuum

Quantinuum is a quantum computing and technology company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops integrated quantum computing systems, combining quantum hardware, software and applications for business, government and research customers.

Its offerings include trapped-ion quantum computers in the H-Series, quantum software development tools such as TKET, and cybersecurity products including Quantum Origin, which is designed to help generate and protect cryptographic keys.