Quantum Computing (NASDAQ:QUBT) Trading 3.3% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded up 3.3% on Monday . The stock traded as high as $12.13 and last traded at $12.11. 14,796,377 shares were traded during mid-day trading, a decline of 14% from the average session volume of 17,270,771 shares. The stock had previously closed at $11.72.

Analysts Set New Price Targets

Several brokerages recently issued reports on QUBT. Ascendiant Capital Markets dropped their price objective on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Lake Street Capital lowered their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Wedbush initiated coverage on Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective on the stock. Finally, Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.00.

Quantum Computing Stock Performance

The stock has a market cap of $2.71 billion, a PE ratio of -19.85 and a beta of 3.49. The company’s 50-day moving average price is $11.67 and its 200 day moving average price is $15.47.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

Insider Buying and Selling at Quantum Computing

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC acquired a new stake in shares of Quantum Computing during the second quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Quantum Computing during the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC increased its holdings in Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares during the last quarter. FWL Investment Management LLC purchased a new stake in Quantum Computing in the second quarter valued at approximately $33,000. Finally, New Millennium Group LLC purchased a new stake in Quantum Computing in the third quarter valued at approximately $36,000. 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.