Quantinuum (NASDAQ:QNT) Shares Up 7.1% – Here’s What Happened

Quantinuum Inc. (NASDAQ:QNT) shares traded up 7.1% during mid-day trading on Tuesday. The stock traded as high as $40.29 and last traded at $40.21. Approximately 1,201,026 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,293,904 shares. The stock had previously closed at $37.53.

Analysts Set New Price Targets

QNT has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of Quantinuum in a report on Wednesday, August 12th. Jefferies Financial Group set a $85.00 target price on shares of Quantinuum in a research note on Wednesday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Quantinuum in a report on Wednesday, August 12th. Wall Street Zen lowered Quantinuum from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, Morgan Stanley upgraded shares of Quantinuum from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $78.00 to $62.00 in a research note on Thursday, October 15th. Thirteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Quantinuum currently has an average rating of “Moderate Buy” and an average price target of $94.23.

Quantinuum Stock Performance

The firm has a market capitalization of $9.79 billion and a price-to-earnings ratio of -132.75. The company’s 50 day simple moving average is $46.33.

Quantinuum (NASDAQ:QNT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The company had revenue of $8.00 million during the quarter. On average, equities research analysts expect that Quantinuum Inc. will post -4.76 earnings per share for the current year.

Institutional Investors Weigh In On Quantinuum

Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of Quantinuum in the third quarter valued at $378,000. Flagship Harbor Advisors LLC acquired a new position in Quantinuum in the third quarter valued at approximately $206,000. McGuire Investment Group LLC lifted its stake in shares of Quantinuum by 1,892.4% in the 3rd quarter. McGuire Investment Group LLC now owns 57,360 shares of the company’s stock valued at $2,757,000 after purchasing an additional 54,481 shares during the period. Canton Hathaway LLC lifted its stake in Quantinuum by 21.5% in the third quarter. Canton Hathaway LLC now owns 22,748 shares of the company’s stock valued at $1,093,000 after buying an additional 4,023 shares during the period. Finally, Outfitters Financial LLC increased its stake in Quantinuum by 180.0% in the third quarter. Outfitters Financial LLC now owns 17,500 shares of the company’s stock valued at $841,000 after purchasing an additional 11,250 shares in the last quarter.

Quantinuum Company Profile

Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.

Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum’s software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.