Quantum Computing Inc. (NASDAQ:QUBT) Given Average Recommendation of “Hold” by Analysts

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been given a consensus recommendation of “Hold” by the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $18.3333.

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a research note on Wednesday, June 24th. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Northland Securities initiated coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after purchasing an additional 4,643,818 shares during the period. SLT Holdings LLC lifted its stake in shares of Quantum Computing by 1,028.7% during the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock valued at $1,737,000 after buying an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC bought a new position in Quantum Computing in the 3rd quarter worth $74,194,000. JPMorgan Chase & Co. raised its holdings in 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 acquiring an additional 879,374 shares during the period. Finally, Polar Asset Management Partners Inc. raised its stake in Quantum Computing by 72.3% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after purchasing an additional 1,127,427 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Price Performance

NASDAQ QUBT opened at $9.05 on Friday. The company has a 50-day simple moving average of $10.28 and a two-hundred day simple moving average of $9.60. Quantum Computing has a 12-month low of $6.18 and a 12-month high of $25.84. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -32.32 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. Equities analysts expect that Quantum Computing will post -0.14 earnings per share for the current fiscal year.

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.