Wedbush Reiterates “Neutral” Rating for Quantum Computing (NASDAQ:QUBT)

Quantum Computing (NASDAQ:QUBT)‘s stock had its “neutral” rating reaffirmed by research analysts at Wedbush in a report issued on Monday,Benzinga reports. They presently have a $12.00 target price on the stock. Wedbush’s target price would suggest a potential upside of 42.93% from the company’s current price.

Several other equities analysts have also issued reports on QUBT. Ascendiant Capital Markets increased their target price on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research report on Wednesday, June 24th. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Monday, June 29th. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Finally, Northland Securities began 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. Four 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Up 3.7%

Shares of NASDAQ QUBT opened at $8.40 on Monday. The business’s 50 day moving average is $9.55 and its two-hundred day moving average is $9.16. Quantum Computing has a 52-week low of $6.18 and a 52-week high of $25.84. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -29.38 and a beta of 3.74.

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

Institutional Trading of Quantum Computing

A number of large investors have recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in Quantum Computing in the fourth quarter valued at approximately $26,000. Rhumbline Advisers purchased a new position in Quantum Computing in the first quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new position in Quantum Computing during the 4th quarter worth approximately $29,000. FWL Investment Management LLC acquired a new position in Quantum Computing during the 2nd quarter worth approximately $33,000. Finally, Signaturefd LLC increased its position in shares of Quantum Computing by 36.5% in the 4th quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.