Quantum Computing (NASDAQ:QUBT) Shares Up 10.1% – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 10.1% during mid-day trading on Thursday . The company traded as high as $10.81 and last traded at $10.76. Approximately 21,107,175 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 17,426,246 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

Several analysts have commented on QUBT shares. Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Northland Securities initiated coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Cantor Fitzgerald dropped their price target on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Finally, Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

The firm has a fifty day moving average price of $10.10 and a two-hundred day moving average price of $9.80. The stock has a market capitalization of $2.43 billion, a P/E ratio of -38.43 and a beta of 3.72.

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

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing during the third quarter valued at approximately $123,014,000. Marex Group plc lifted its position 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 acquiring an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. lifted its position in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in Quantum Computing during the 3rd quarter valued at $74,194,000. Finally, Defiance ETFs LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth $33,071,000. 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.