Quantum Computing Inc. (NASDAQ:QUBT) Receives Consensus Rating of “Hold” from Brokerages

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $18.3333.

QUBT has been the subject of several recent research reports. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Wedbush initiated coverage on Quantum Computing in a research report on Monday. They issued a “neutral” rating and a $12.00 target price for the company. Rosenblatt Securities restated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research report on Monday, June 29th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th.

Quantum Computing Price Performance

Shares of NASDAQ QUBT opened at $8.88 on Thursday. The stock has a market capitalization of $2.00 billion, a P/E ratio of -31.71 and a beta of 3.74. The company has a 50-day moving average price of $9.38 and a 200-day moving average price of $9.09. 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 earnings results on Monday, May 11th. The company reported ($0.02) earnings per share 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 analyst estimates of $3.13 million. As a group, equities research analysts anticipate that Quantum Computing will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of Quantum Computing

Hedge funds have recently bought and sold shares of the company. Toth Financial Advisory Corp increased its position in Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Signaturefd LLC raised its stake in Quantum Computing by 36.5% during the 4th quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock worth $38,000 after acquiring an additional 1,000 shares during the period. Two Sigma Investments LP lifted its holdings in Quantum Computing by 2.5% during the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after purchasing an additional 1,001 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock worth $86,000 after purchasing an additional 1,057 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock worth $93,000 after purchasing an additional 1,525 shares during the period. Hedge funds and other 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.