Quantum Computing (NASDAQ:QUBT) Trading Up 4% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) traded up 4% on Thursday . The company traded as high as $10.05 and last traded at $9.91. 12,903,226 shares changed hands during trading, a decline of 26% from the average session volume of 17,422,787 shares. The stock had previously closed at $9.53.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Cantor Fitzgerald reduced their price target on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.50.

Quantum Computing Price Performance

The company’s 50-day moving average price is $9.61 and its 200-day moving average price is $9.84. The company has a market cap of $2.24 billion, a P/E ratio of -35.39 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. On average, equities research analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Trading of Quantum Computing

A number of institutional investors have recently made changes to their positions in the business. Amundi bought a new stake in shares of Quantum Computing in the first quarter worth $503,000. California State Teachers Retirement System lifted its position in shares of Quantum Computing by 32.5% in the first quarter. California State Teachers Retirement System now owns 252,002 shares of the company’s stock worth $1,726,000 after purchasing an additional 61,790 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Quantum Computing by 122.1% in the first quarter. Royal Bank of Canada now owns 197,491 shares of the company’s stock worth $1,352,000 after purchasing an additional 108,558 shares in the last quarter. Quantinno Capital Management LP bought a new stake in shares of Quantum Computing in the first quarter worth $246,000. Finally, Renaissance Technologies LLC lifted its position in shares of Quantum Computing by 393.8% in the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock worth $4,574,000 after purchasing an additional 532,451 shares in the last quarter. 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.