Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Wednesday . The stock had previously closed at $9.08, but opened at $9.67. Quantum Computing shares last traded at $9.35, with a volume of 5,613,890 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Wedbush assumed coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Ascendiant Capital Markets raised their target price on Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.67.

Quantum Computing Price Performance

The firm has a fifty day simple moving average of $8.31 and a 200-day simple moving average of $8.85. The firm has a market cap of $2.12 billion, a P/E ratio of -133.50 and a beta of 3.78.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new position in Quantum Computing during the second quarter worth about $322,000. MCF Advisors LLC bought a new stake in shares of Quantum Computing in the second quarter valued at approximately $29,000. WINTON GROUP Ltd purchased a new stake in shares of Quantum Computing during the 2nd quarter valued at approximately $398,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Quantum Computing during the 2nd quarter valued at approximately $69,000. Finally, NewEdge Advisors LLC boosted its holdings in Quantum Computing by 89.4% in the 2nd quarter. NewEdge Advisors LLC now owns 20,718 shares of the company’s stock worth $201,000 after buying an additional 9,781 shares during the period. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

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.