Quantum Computing (NASDAQ:QUBT) Shares Up 7.5% – Here’s Why

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

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wedbush assumed coverage on Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.33.

Quantum Computing Stock Up 9.5%

The business’s 50-day moving average price is $8.88 and its 200 day moving average price is $8.90. The company has a market capitalization of $2.02 billion, a P/E ratio of -127.27 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 firm had revenue of $5.55 million for the quarter, compared to analysts’ expectations of $5.15 million. Analysts anticipate that Quantum Computing Inc. will post -0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. SkyOak Wealth LLC bought a new position in shares of Quantum Computing in the 2nd quarter worth approximately $109,000. Wedbush Securities Inc. bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $122,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Quantum Computing by 28.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 321,236 shares of the company’s stock worth $3,116,000 after buying an additional 70,775 shares during the period. Van ECK Associates Corp grew its position in shares of Quantum Computing by 35.6% in the 2nd quarter. Van ECK Associates Corp now owns 1,317,352 shares of the company’s stock worth $12,778,000 after buying an additional 345,750 shares during the period. Finally, Hsbc Holdings PLC bought a new position in shares of Quantum Computing in the 2nd quarter worth about $395,000. 4.26% of the stock is owned by hedge funds and other 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.