Quantum Computing (NASDAQ:QUBT) Issues Earnings Results, Beats Estimates By $0.03 EPS

Quantum Computing (NASDAQ:QUBT) issued its quarterly earnings results on Monday. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03, FiscalAI reports. The firm had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million.

Quantum Computing Stock Performance

QUBT stock traded up $0.58 during midday trading on Monday, reaching $10.18. 21,833,480 shares of the company were exchanged, compared to its average volume of 13,866,553. Quantum Computing has a 1-year low of $6.18 and a 1-year high of $25.84. The stock’s 50-day simple moving average is $7.98 and its 200 day simple moving average is $10.30. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -67.87 and a beta of 3.70.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a research note on Tuesday, March 3rd. Northland Securities assumed coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald cut their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Finally, Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Quantum Computing has a consensus rating of “Hold” and a consensus target price of $17.50.

Insider Activity at Quantum Computing

In other news, CFO Christopher Bruce Roberts sold 68,902 shares of Quantum Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total value of $540,880.70. Following the transaction, the chief financial officer directly owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. The trade was a 5.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of the business. Marex Group plc increased its holdings in shares of Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after acquiring an additional 5,945,679 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing in the 3rd quarter valued at $123,014,000. Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after acquiring an additional 1,428,120 shares during the period. State Street Corp increased its holdings in shares of Quantum Computing by 44.1% in the 4th quarter. State Street Corp now owns 4,344,023 shares of the company’s stock valued at $44,570,000 after acquiring an additional 1,329,433 shares during the period. Finally, Defiance ETFs LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $33,071,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.