Quantum Computing (NASDAQ:QUBT) Stock Price Up 3.5% – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 3.5% during mid-day trading on Monday . The company traded as high as $9.57 and last traded at $9.37. Approximately 8,553,897 shares were traded during trading, a decline of 50% from the average session volume of 17,248,717 shares. The stock had previously closed at $9.05.

Analyst Ratings Changes

A number of analysts recently issued reports on QUBT shares. Northland Securities started coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a report on Monday. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Quantum Computing has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

The firm has a market cap of $2.11 billion, a PE ratio of -33.46 and a beta of 3.78. The company has a 50 day simple moving average of $10.28 and a 200-day simple moving average of $9.59.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates 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. On average, sell-side analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently bought and sold shares of QUBT. Vanguard Group Inc. lifted its holdings in shares of Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. SLT Holdings LLC grew its stake in shares of Quantum Computing by 1,028.7% in the fourth quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after acquiring an additional 154,300 shares during the last quarter. Ghisallo Capital Management LLC bought a new position in shares of Quantum Computing during the third quarter valued at $74,194,000. JPMorgan Chase & Co. boosted its stake in Quantum Computing by 1,612.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after purchasing an additional 879,374 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its position in Quantum Computing by 72.3% during the 3rd 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 during the last quarter. 4.26% of the stock is owned by 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.