Quantum Computing (NASDAQ:QUBT) Trading 11.5% Higher – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price shot up 11.5% during mid-day trading on Friday . The stock traded as high as $8.49 and last traded at $8.7050. 2,095,039 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 16,781,521 shares. The stock had previously closed at $7.81.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on QUBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Quantum Computing in a research report on Thursday, December 18th. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Rosenblatt Securities began coverage on shares of Quantum Computing in a report on Thursday, January 15th. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Wedbush started coverage on shares of Quantum Computing in a report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Quantum Computing Stock Performance

The business’s 50-day moving average price is $11.37 and its 200 day moving average price is $14.50. The stock has a market capitalization of $2.13 billion, a PE ratio of -15.63 and a beta of 3.44.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Transactions at Quantum Computing

In related news, COO Milan Begliarbekov sold 2,860 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total value of $33,891.00. Following the completion of the sale, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at approximately $287,244. This represents a 10.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently added to or reduced their stakes in QUBT. Royal Bank of Canada raised its holdings in shares of Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the period. Millennium Management LLC boosted its holdings in Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Quantum Computing by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after acquiring an additional 2,280 shares in the last quarter. Rhumbline Advisers purchased a new position in Quantum Computing during the first quarter valued at $28,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Quantum Computing in the second quarter worth approximately $328,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.