Quantum Computing (NASDAQ:QUBT) Rating Lowered to Strong Sell at Wall Street Zen

Quantum Computing (NASDAQ:QUBT) was downgraded by stock analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.

QUBT has been the subject of several other reports. Wedbush assumed coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 target price for the company. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a research note on Monday, June 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Four equities research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $9.01 on Friday. The business’s 50 day simple moving average is $9.01 and its 200 day simple moving average is $8.95. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84. The company has a market capitalization of $2.04 billion, a P/E ratio of -128.70 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate 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, sell-side analysts anticipate that Quantum Computing will post -0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Quantum Computing during the second quarter worth about $172,020,000. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the period. Marex Group plc boosted its stake in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after purchasing an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing during the third quarter worth $123,014,000. Finally, Geode Capital Management LLC increased its position in shares of Quantum Computing by 45.5% during the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after buying an additional 1,428,120 shares during the period. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

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.