Quantum Computing (NASDAQ:QUBT) Stock Rating Lowered by Wall Street Zen

Quantum Computing (NASDAQ:QUBT) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

QUBT has been the topic of several other research reports. Wedbush assumed coverage on Quantum Computing in a research report on Monday, August 3rd. They set a “neutral” rating and a $12.00 target price on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a research report on Tuesday, August 11th. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, September 21st. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.67.

Quantum Computing Stock Performance

Shares of QUBT stock opened at $6.36 on Friday. The firm’s 50 day moving average is $8.19 and its 200 day moving average is $8.92. The stock has a market capitalization of $1.44 billion, a P/E ratio of -90.84 and a beta of 3.75. Quantum Computing has a 12 month low of $6.08 and a 12 month high of $19.11.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The company had revenue of $5.55 million for the quarter, compared to analyst estimates of $5.15 million. On average, equities analysts predict that Quantum Computing will post -0.19 EPS for the current year.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. BlackRock Inc. purchased a new position in shares of Quantum Computing during the 2nd quarter valued at $172,020,000. Bank of New York Mellon Corp bought a new position in shares of Quantum Computing in the second quarter worth $19,164,000. Van ECK Associates Corp increased its holdings in shares of Quantum Computing by 35.6% in the second quarter. Van ECK Associates Corp now owns 1,317,352 shares of the company’s stock worth $12,778,000 after purchasing an additional 345,750 shares during the period. Pacific Heights Asset Management LLC purchased a new stake in shares of Quantum Computing in the second quarter worth $9,700,000. Finally, Focus Financial Network Inc. raised its position in shares of Quantum Computing by 402.6% in the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock worth $8,843,000 after buying an additional 730,240 shares in the last quarter. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

Quantum Computing, Inc (NASDAQ:QUBT), also known as QCi, develops quantum and photonic computing technologies intended to make quantum-based solutions more accessible to commercial, government and research customers. The company focuses on applications involving optimization, machine learning, cybersecurity, artificial intelligence and other complex computational problems.

QCi’s offerings have included software tools and quantum-computing systems designed for optimization and related workloads, including its Qatalyst software platform and Dirac photonic quantum computing systems.