Quantum Computing (NASDAQ:QUBT) Stock Price Up 8.1% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded up 8.1% during trading on Monday . The company traded as high as $10.10 and last traded at $9.92. Approximately 17,070,367 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 17,429,771 shares. The stock had previously closed at $9.18.

Wall Street Analysts Forecast Growth

QUBT has been the topic of several recent research reports. Northland Securities started coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research report on Wednesday, June 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Rosenblatt Securities set a $22.00 price target on shares of Quantum Computing and gave the company a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Quantum Computing has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Trading Down 2.8%

The company’s 50-day simple moving average is $10.32 and its 200 day simple moving average is $9.65. The stock has a market cap of $2.13 billion, a P/E ratio of -33.68 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. Research analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently made changes to their positions in QUBT. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after buying an additional 4,643,818 shares during the last quarter. Marex Group plc increased its holdings in Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the third quarter worth about $123,014,000. Anson Funds Management LP raised its position in Quantum Computing by 14.9% in the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock worth $98,925,000 after acquiring an additional 695,092 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Quantum Computing by 45.5% in the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after acquiring an additional 1,428,120 shares during the last quarter. 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.