Quantum Computing (NASDAQ:QUBT) Trading Up 7% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 7% during trading on Wednesday . The company traded as high as $12.54 and last traded at $12.51. Approximately 17,993,387 shares were traded during trading, an increase of 6% from the average daily volume of 16,907,045 shares. The stock had previously closed at $11.69.

Analyst Ratings Changes

Several research firms recently commented on QUBT. Lake Street Capital reduced their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. Wedbush began 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. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Stock Up 7.0%

The stock has a market cap of $2.80 billion, a P/E ratio of -20.51 and a beta of 3.49. The firm’s 50 day simple moving average is $11.63 and its two-hundred day simple moving average is $15.43.

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

Insider Activity

In related news, COO Milan Begliarbekov sold 2,860 shares of the business’s stock in a transaction that occurred 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 owned 24,240 shares in the company, valued at $287,244. The trade was a 10.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the 3rd quarter valued at about $123,014,000. Ghisallo Capital Management LLC bought a new position in Quantum Computing in the 3rd quarter worth about $74,194,000. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 23.1% in the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after purchasing an additional 2,286,514 shares during the period. Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock valued at $50,433,000 after buying an additional 1,416,928 shares during the last quarter. Finally, Polar Asset Management Partners Inc. boosted its position in shares of Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after buying an additional 1,127,427 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.