Ascendiant Capital Markets Increases Quantum Computing (NASDAQ:QUBT) Price Target to $30.00

Quantum Computing (NASDAQ:QUBT) had its price target hoisted by investment analysts at Ascendiant Capital Markets from $27.00 to $30.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price points to a potential upside of 202.11% from the stock’s current price.

QUBT has been the subject of a number of other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Tuesday, March 3rd. Northland Securities started coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Finally, Cantor Fitzgerald decreased their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Four research 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $9.93 on Monday. The business’s 50 day moving average price is $9.73 and its 200-day moving average price is $9.82. The firm has a market capitalization of $2.24 billion, a PE ratio of -35.46 and a beta of 3.72. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. As a group, analysts expect that Quantum Computing will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently modified their holdings of the business. Amundi purchased a new position in shares of Quantum Computing during the 1st quarter worth $503,000. California State Teachers Retirement System increased its position in shares of Quantum Computing by 32.5% during the 1st 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 during the last quarter. Royal Bank of Canada raised its holdings in Quantum Computing by 122.1% in the 1st quarter. Royal Bank of Canada now owns 197,491 shares of the company’s stock valued at $1,352,000 after buying an additional 108,558 shares during the period. Quantinno Capital Management LP acquired a new position in Quantum Computing in the first quarter valued at about $246,000. Finally, Renaissance Technologies LLC lifted its position in Quantum Computing by 393.8% in the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company’s stock valued at $4,574,000 after buying an additional 532,451 shares during the last quarter. 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.