Quantum Computing (NASDAQ:QUBT) Now Covered by Rosenblatt Securities

Equities researchers at Rosenblatt Securities assumed coverage on shares of Quantum Computing (NASDAQ:QUBT) in a report released on Thursday,Benzinga reports. The firm set a “buy” rating and a $22.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 75.86% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Wedbush assumed coverage on Quantum Computing in a report on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 target price on the stock. Ascendiant Capital Markets dropped their price objective on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, December 22nd. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 target price on shares of Quantum Computing in a research report on Thursday, December 18th. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Lake Street Capital cut their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.00.

Quantum Computing Price Performance

Shares of QUBT opened at $12.51 on Thursday. Quantum Computing has a one year low of $4.37 and a one year high of $25.84. The company has a market cap of $2.80 billion, a PE ratio of -20.51 and a beta of 3.49. The stock has a 50-day moving average of $11.59 and a 200-day moving average of $15.41.

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

Insiders Place Their Bets

In other news, COO Milan Begliarbekov sold 2,860 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total transaction of $33,891.00. Following the completion of the transaction, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at $287,244. This represents a 10.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently bought and sold shares of QUBT. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing in the third quarter worth $123,014,000. Ghisallo Capital Management LLC bought a new position in shares of Quantum Computing during the 3rd quarter worth $74,194,000. Vanguard Group Inc. increased its holdings in Quantum Computing by 23.1% in the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after acquiring an additional 2,286,514 shares during the last quarter. Geode Capital Management LLC raised its stake in Quantum Computing by 116.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock valued at $50,433,000 after acquiring an additional 1,416,928 shares during the period. Finally, Polar Asset Management Partners Inc. lifted its holdings in Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the last quarter. 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.