Quantinuum (NASDAQ:QNT) Shares Climb 7.7% – Time to Buy?

Quantinuum Inc. (NASDAQ:QNT) shares shot up 7.7% on Wednesday. The stock traded as high as $38.58 and last traded at $38.43. 967,756 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 2,316,811 shares. The stock had previously closed at $35.68.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Quantinuum in a report on Monday, June 29th. They issued a “buy” rating and a $93.00 target price for the company. JPMorgan Chase & Co. started coverage on Quantinuum in a research note on Monday, June 29th. They set an “overweight” rating and a $97.00 target price on the stock. Zacks Research raised Quantinuum to a “hold” rating in a report on Tuesday, June 30th. Sanford C. Bernstein reiterated a “hold” rating on shares of Quantinuum in a research report on Wednesday, August 12th. Finally, Bank of America started coverage on shares of Quantinuum in a research note on Monday, June 29th. They set a “buy” rating and a $100.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Quantinuum presently has an average rating of “Moderate Buy” and a consensus price target of $94.23.

Quantinuum Stock Up 10.5%

The company has a market cap of $10.38 billion and a price-to-earnings ratio of -140.79. The company has a 50 day simple moving average of $49.36.

Quantinuum (NASDAQ:QNT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The business had revenue of $8.00 million for the quarter. As a group, research analysts expect that Quantinuum Inc. will post -4.76 earnings per share for the current year.

Institutional Investors Weigh In On Quantinuum

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its holdings in shares of Quantinuum by 1,150.0% during the third quarter. IFP Advisors Inc now owns 1,250 shares of the company’s stock worth $60,000 after buying an additional 1,150 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Quantinuum during the 3rd quarter worth about $408,000. Vontobel Holding Ltd. purchased a new stake in Quantinuum in the 3rd quarter valued at about $743,000. Parisi Gray Wealth Management lifted its position in Quantinuum by 508.7% in the third quarter. Parisi Gray Wealth Management now owns 18,717 shares of the company’s stock valued at $900,000 after buying an additional 15,642 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC boosted its stake in Quantinuum by 25.6% during the third quarter. Steel Grove Capital Advisors LLC now owns 5,992 shares of the company’s stock worth $288,000 after buying an additional 1,222 shares during the period.

Quantinuum Company Profile

Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.

Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum’s software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.