Quantinuum (NASDAQ:QNT) Stock Price Up 7.1% – Still a Buy?

Quantinuum Inc. (NASDAQ:QNT) shares traded up 7.1% during trading on Tuesday. The stock traded as high as $40.29 and last traded at $40.21. Approximately 1,201,026 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,293,904 shares. The stock had previously closed at $37.53.

Analyst Ratings Changes

A number of research analysts have issued reports on QNT shares. Yorkville Ives started coverage on Quantinuum in a research report on Monday, October 5th. They set an “outperform” rating and a $60.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price objective on shares of Quantinuum in a research note on Wednesday, August 12th. Mizuho began coverage on shares of Quantinuum in a report on Monday, June 29th. They issued an “outperform” rating and a $90.00 price objective for the company. Zacks Research upgraded shares of Quantinuum to a “hold” rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen cut shares of Quantinuum from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Thirteen 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $94.23.

Quantinuum Stock Up 7.1%

The stock has a market capitalization of $10.59 billion and a PE ratio of -143.61. The business’s 50 day simple moving average is $47.79.

Quantinuum (NASDAQ:QNT) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The firm had revenue of $8.00 million during the quarter. As a group, equities analysts forecast that Quantinuum Inc. will post -4.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantinuum

A number of institutional investors and hedge funds have recently bought and sold shares of QNT. Wellington Management Group LLP bought a new position in shares of Quantinuum during the 2nd quarter valued at about $92,418,000. HBK Investments L P acquired a new stake in Quantinuum during the second quarter valued at approximately $14,669,000. BlueCrest Capital Management Ltd acquired a new stake in Quantinuum during the second quarter valued at approximately $14,304,000. McGuire Investment Group LLC boosted its holdings in Quantinuum by 1,892.4% during the third quarter. McGuire Investment Group LLC now owns 57,360 shares of the company’s stock worth $2,757,000 after buying an additional 54,481 shares in the last quarter. Finally, Readystate Asset Management LP bought a new stake in Quantinuum during the second quarter worth approximately $4,111,000.

About Quantinuum

Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.

Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum’s software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.