Quantum Computing (NASDAQ:QUBT) Stock Price Up 12.9% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded up 12.9% on Monday . The company traded as high as $12.55 and last traded at $12.29. 28,466,128 shares traded hands during trading, an increase of 4% from the average session volume of 27,301,721 shares. The stock had previously closed at $10.89.

Analysts Set New Price Targets

QUBT has been the topic of several research analyst reports. Ascendiant Capital Markets lowered their price target on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a report on Thursday. Finally, Wedbush assumed coverage on Quantum Computing in a research note on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective for the company. Two 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 stock presently has an average rating of “Hold” and an average price target of $17.00.

Quantum Computing Trading Up 12.9%

The business has a fifty day moving average price of $13.52 and a two-hundred day moving average price of $16.13. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -20.15 and a beta of 3.80.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing during the 3rd quarter worth approximately $123,014,000. Ghisallo Capital Management LLC bought a new position in Quantum Computing during the 3rd quarter valued at about $74,194,000. Vanguard Group Inc. boosted its position in Quantum Computing by 23.1% in the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after buying an additional 2,286,514 shares in the last quarter. Geode Capital Management LLC boosted its position in Quantum Computing by 116.8% in the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock valued at $50,433,000 after buying an additional 1,416,928 shares in the last quarter. Finally, Polar Asset Management Partners Inc. increased its holdings in shares of 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 worth $48,643,000 after buying an additional 1,127,427 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.