Quantum Computing (NASDAQ:QUBT) Shares Up 3.6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded up 3.6% during mid-day trading on Monday . The company traded as high as $13.00 and last traded at $12.39. 32,009,476 shares were traded during mid-day trading, an increase of 84% from the average session volume of 17,379,211 shares. The stock had previously closed at $11.96.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on QUBT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Rosenblatt Securities restated a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Cantor Fitzgerald dropped their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Four 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Stock Up 3.6%

The stock has a market cap of $2.79 billion, a P/E ratio of -44.25 and a beta of 3.72. The business’s 50-day simple moving average is $9.00 and its two-hundred day simple moving average is $9.86.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. Analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. The trade was a 0.83% 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

Several hedge funds have recently made changes to their positions in QUBT. Amundi purchased a new stake in Quantum Computing during the 1st quarter worth about $503,000. California State Teachers Retirement System grew its holdings in Quantum Computing by 32.5% during the 1st quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock valued at $1,726,000 after buying an additional 61,790 shares in the last quarter. Royal Bank of Canada grew its holdings in Quantum Computing by 122.1% during the 1st quarter. Royal Bank of Canada now owns 197,491 shares of the company’s stock valued at $1,352,000 after buying an additional 108,558 shares in the last quarter. Quantinno Capital Management LP bought a new stake in shares of Quantum Computing during the first quarter valued at about $246,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Quantum Computing by 393.8% in the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock worth $4,574,000 after buying an additional 532,451 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.