Brokerages Set Quantum Computing Inc. (NASDAQ:QUBT) Price Target at $18.33

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been given a consensus rating of “Hold” by the seven analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $18.3333.

Several research firms recently weighed in on QUBT. Wedbush initiated coverage on Quantum Computing in a research note on Monday. They issued a “neutral” rating and a $12.00 price objective for the company. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Northland Securities initiated coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares in the last quarter. Marex Group plc lifted its stake in 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 buying an additional 5,945,679 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the 3rd quarter valued at $123,014,000. Geode Capital Management LLC increased its position in Quantum Computing by 45.5% during the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after buying an additional 1,428,120 shares in the last quarter. Finally, State Street Corp increased its position in Quantum Computing by 44.1% during the fourth quarter. State Street Corp now owns 4,344,023 shares of the company’s stock worth $44,570,000 after buying an additional 1,329,433 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Trading Up 7.9%

Shares of Quantum Computing stock opened at $8.74 on Thursday. Quantum Computing has a 12-month low of $6.18 and a 12-month high of $25.84. The stock has a market cap of $1.97 billion, a PE ratio of -31.21 and a beta of 3.74. The company has a 50-day moving average of $9.48 and a two-hundred day moving average of $9.14.

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 analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, sell-side analysts forecast that Quantum Computing will post -0.14 EPS for the current fiscal year.

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.