Quantum Computing (NASDAQ:QUBT) Trading 7.5% Higher – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shot up 7.5% during trading on Friday . The stock traded as high as $8.77 and last traded at $8.75. Approximately 3,836,250 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 15,404,908 shares. The stock had previously closed at $8.14.

Analysts Set New Price Targets

A number of research analysts have weighed in on QUBT shares. Ascendiant Capital Markets lifted their target price on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a report on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research note on Tuesday, August 11th. Finally, Wedbush assumed coverage on shares of Quantum Computing in a report on Monday, August 3rd. They set a “neutral” rating and a $12.00 target price on the stock. Four 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Price Performance

The company has a 50 day moving average of $8.90 and a 200-day moving average of $8.89. The company has a market cap of $2.00 billion, a P/E ratio of -126.12 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. Research analysts anticipate that Quantum Computing Inc. will post -0.18 EPS for the current year.

Institutional Trading of Quantum Computing

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in Quantum Computing in the fourth quarter valued at $26,000. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the 1st quarter worth about $28,000. Tucker Asset Management LLC purchased a new position in shares of Quantum Computing in the 4th quarter worth about $29,000. State of Wyoming bought a new position in shares of Quantum Computing during the 2nd quarter valued at about $29,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Quantum Computing during the second quarter worth approximately $29,000. 4.26% of the stock is owned by institutional investors.

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.