Quantum Computing (NASDAQ:QUBT) Trading 4% Higher – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded up 4% during mid-day trading on Tuesday . The stock traded as high as $8.32 and last traded at $8.32. 7,483,977 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 16,896,217 shares. The stock had previously closed at $8.00.

Analyst Upgrades and Downgrades

QUBT has been the topic of a number of research reports. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a report on Wednesday, June 24th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Northland Securities initiated coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Trading Down 3.3%

The firm has a market cap of $1.75 billion, a PE ratio of -27.71 and a beta of 3.78. The business’s 50-day simple moving average is $10.20 and its 200 day simple moving average is $9.45.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Quantum Computing by 38.1% in the fourth 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 during the period. SLT Holdings LLC boosted its position in Quantum Computing by 1,028.7% in the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock worth $1,737,000 after purchasing an additional 154,300 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Quantum Computing by 1,612.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock worth $17,194,000 after purchasing an additional 879,374 shares during the period. Polar Asset Management Partners Inc. increased its holdings in shares of Quantum Computing by 72.3% during the 3rd 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 in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Quantum Computing in the 3rd quarter valued at $4,582,000. 4.26% of the stock is owned by 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.