Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $9.08, but opened at $9.67. Quantum Computing shares last traded at $9.35, with a volume of 5,613,890 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wedbush initiated coverage on Quantum Computing in a research report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday. Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Finally, Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.67.

Quantum Computing Price Performance

The company has a 50 day simple moving average of $8.31 and a 200-day simple moving average of $8.85. The stock has a market cap of $2.12 billion, a P/E ratio of -133.50 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. As a group, research analysts expect that Quantum Computing Inc. will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Quantum Computing during the second quarter valued at about $172,020,000. Bank of New York Mellon Corp bought a new stake in shares of Quantum Computing in the 2nd quarter valued at about $19,164,000. Van ECK Associates Corp boosted its holdings in Quantum Computing by 35.6% during the 2nd quarter. Van ECK Associates Corp now owns 1,317,352 shares of the company’s stock valued at $12,778,000 after acquiring an additional 345,750 shares during the period. Clear Street Group Inc. boosted its holdings in Quantum Computing by 379.8% during the 4th quarter. Clear Street Group Inc. now owns 1,149,865 shares of the company’s stock valued at $11,798,000 after acquiring an additional 1,560,761 shares during the period. Finally, Pacific Heights Asset Management LLC bought a new position in Quantum Computing during the 2nd quarter worth approximately $9,700,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

About Quantum Computing

Quantum Computing, Inc (NASDAQ: QUBT), also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi’s offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.