Quantum Computing (NASDAQ:QUBT) Trading 10.3% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 10.3% during mid-day trading on Monday . The stock traded as high as $11.64 and last traded at $12.01. 2,798,287 shares changed hands during trading, a decline of 90% from the average session volume of 27,193,668 shares. The stock had previously closed at $10.89.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 target price on shares of Quantum Computing in a research report on Thursday. Ascendiant Capital Markets lowered their price objective on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday. Lake Street Capital cut their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Wedbush initiated coverage on Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 target price for the company. Finally, Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Stock Up 12.0%

The stock’s 50 day moving average price is $13.52 and its two-hundred day moving average price is $16.13. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of -20.03 and a beta of 3.80.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.12 million.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC acquired a new position in Quantum Computing in the second quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Quantum Computing during the 2nd quarter valued at approximately $29,000. Farther Finance Advisors LLC lifted its stake in shares of Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares during the period. FWL Investment Management LLC purchased a new stake in Quantum Computing during the second quarter worth $33,000. Finally, New Millennium Group LLC purchased a new stake in Quantum Computing during the third quarter worth $36,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.