Quantum Computing (NASDAQ:QUBT) Trading Up 7.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) was up 7.3% during trading on Friday . The company traded as high as $11.07 and last traded at $11.01. Approximately 16,531,404 shares changed hands during mid-day trading, a decline of 1% from the average daily volume of 16,744,419 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on QUBT shares. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Quantum Computing in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. Wedbush initiated coverage on shares of Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target on the stock. Ascendiant Capital Markets decreased 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. Finally, Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.00.

Quantum Computing Trading Up 7.3%

The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -18.05 and a beta of 3.49. The stock’s 50-day moving average is $12.10 and its 200-day moving average is $15.74.

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

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of QUBT. JPMorgan Chase & Co. boosted its stake in shares of Quantum Computing by 1,612.0% during the third quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after purchasing an additional 879,374 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in Quantum Computing in the 3rd quarter valued at approximately $4,582,000. Triumph Capital Management acquired a new stake in Quantum Computing during the 3rd quarter worth approximately $45,000. Allworth Financial LP grew its holdings in Quantum Computing by 91.7% during the 3rd quarter. Allworth Financial LP now owns 4,218 shares of the company’s stock worth $78,000 after acquiring an additional 2,018 shares during the last quarter. Finally, IFP Advisors Inc bought a new stake in Quantum Computing during the 3rd quarter worth approximately $61,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.