Quantum Computing (NASDAQ:QUBT) Trading 1.5% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 1.5% during trading on Tuesday . The company traded as high as $12.26 and last traded at $12.14. 20,557,875 shares changed hands during trading, an increase of 3% from the average session volume of 19,946,381 shares. The stock had previously closed at $11.96.

Analyst Ratings Changes

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

Quantum Computing Stock Performance

The stock has a market capitalization of $2.72 billion, a P/E ratio of -19.90 and a beta of 3.49. The firm has a fifty day moving average price of $12.02 and a two-hundred day moving average price of $15.67.

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

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. bought a new position in Quantum Computing in the third quarter worth approximately $123,014,000. Ghisallo Capital Management LLC purchased a new stake in shares of Quantum Computing in the 3rd quarter worth $74,194,000. Vanguard Group Inc. raised its holdings in Quantum Computing by 23.1% in the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after purchasing an additional 2,286,514 shares during the period. Geode Capital Management LLC raised its holdings in Quantum Computing by 116.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after purchasing an additional 1,416,928 shares during the period. Finally, Polar Asset Management Partners Inc. lifted its position in 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 valued at $48,643,000 after purchasing an additional 1,127,427 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.