Quantum Computing (NASDAQ:QUBT) Shares Up 4% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded up 4% during trading on Tuesday . The company traded as high as $8.32 and last traded at $8.32. 7,483,977 shares were traded during trading, a decline of 56% from the average daily volume of 16,896,217 shares. The stock had previously closed at $8.00.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. 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. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Northland Securities started coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Four equities research 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Stock Up 4.0%

The firm’s fifty day simple moving average is $10.28 and its 200-day simple moving average is $9.50. The company has a market cap of $1.88 billion, a PE ratio of -29.71 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last issued 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 for the quarter, compared to analysts’ expectations of $3.13 million. On average, analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of QUBT. Aventura Private Wealth LLC acquired a new position in shares of Quantum Computing in the fourth quarter worth $26,000. International Assets Investment Management LLC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at $26,000. Rhumbline Advisers acquired a new stake in shares of Quantum Computing during the first quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in Quantum Computing during the 4th quarter worth about $29,000. Finally, Toth Financial Advisory Corp increased its position in Quantum Computing by 50.0% during the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other 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.