Quantum Computing Inc. (NASDAQ:QUBT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been given an average recommendation of “Hold” by the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $18.6667.

A number of brokerages have issued reports on QUBT. Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Monday, June 29th. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Finally, Wedbush initiated coverage on Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price objective for the company.

Institutional Trading of Quantum Computing

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Quantum Computing in the 2nd quarter valued at $172,020,000. Bank of New York Mellon Corp purchased a new stake in Quantum Computing in the 2nd quarter valued at approximately $19,164,000. Van ECK Associates Corp boosted its stake in shares of Quantum Computing by 35.6% during the second quarter. Van ECK Associates Corp now owns 1,317,352 shares of the company’s stock valued at $12,778,000 after acquiring an additional 345,750 shares during the last quarter. Clear Street Group Inc. lifted its position in Quantum Computing by 379.8% during the fourth quarter. Clear Street Group Inc. now owns 1,149,865 shares of the company’s stock worth $11,798,000 after buying an additional 1,560,761 shares during the period. Finally, Pacific Heights Asset Management LLC acquired a new stake in Quantum Computing during the second quarter worth about $9,700,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Stock Performance

Shares of QUBT opened at $8.44 on Friday. The firm has a market cap of $1.91 billion, a PE ratio of -120.55 and a beta of 3.78. Quantum Computing has a 52-week low of $6.18 and a 52-week high of $25.84. The business’s 50 day moving average price is $8.27 and its two-hundred day moving average price is $8.83.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. Research analysts predict that Quantum Computing will post -0.19 EPS for the current fiscal year.

Quantum Computing Company Profile

Quantum Computing, Inc (NASDAQ: QUBT), also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi’s offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.