Quantum Computing (NASDAQ:QUBT) Trading 9.2% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) was up 9.2% on Thursday . The stock traded as high as $12.21 and last traded at $12.0480. Approximately 16,369,520 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 15,636,233 shares. The stock had previously closed at $11.03.

Key Stories Impacting Quantum Computing

Here are the key news stories impacting Quantum Computing this week:

• Positive Sentiment: Northland Securities raised its earnings estimates for Quantum Computing Inc. and reiterated an Outperform rating with a $20 price target, signaling improved confidence in the company’s outlook.
• Positive Sentiment: Analyst target data highlighted by Zacks and Yahoo Finance suggests about 61.7% upside for QUBT, which is helping support bullish sentiment around the stock.
• Positive Sentiment: Recent coverage continues to focus on Quantum Computing’s massive revenue surge and operational progress, including acquisitions and Fab 2 plans, reinforcing the view that the business is scaling faster than expected.
• Neutral Sentiment: Several articles note that the stock is pausing after a strong post-earnings surge, with traders digesting the move and some profit-taking occurring after the recent run-up.
• Neutral Sentiment: Some commentary remains cautious, saying the company still has a lot to prove despite the revenue growth, which could limit how far the rally extends near term.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on QUBT shares. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Tuesday, March 3rd. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Northland Securities started coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Cantor Fitzgerald reduced their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Up 7.5%

The business has a fifty day simple moving average of $8.14 and a two-hundred day simple moving average of $10.15. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of -42.19 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share 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. As a group, equities analysts predict that Quantum Computing Inc. will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of Quantum Computing stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in shares of Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock valued at $86,000 after acquiring an additional 1,057 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Quantum Computing in the first quarter valued at approximately $70,000. Independent Financial Group LLC bought a new position in shares of Quantum Computing in the first quarter valued at approximately $76,000. Wealthfront Advisers LLC raised its stake in shares of Quantum Computing by 15.4% in the first quarter. Wealthfront Advisers LLC now owns 25,341 shares of the company’s stock valued at $174,000 after acquiring an additional 3,373 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Quantum Computing by 72.1% in the first quarter. Bank of New York Mellon Corp now owns 1,022,604 shares of the company’s stock valued at $7,005,000 after acquiring an additional 428,418 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

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.