Quantinuum (NASDAQ:QNT) Reaches New 1-Year High – Still a Buy?

Shares of Quantinuum Inc. (NASDAQ:QNT) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $82.82 and last traded at $82.73, with a volume of 719556 shares traded. The stock had previously closed at $74.56.

Analysts Set New Price Targets

A number of analysts have weighed in on QNT shares. Cantor Fitzgerald began coverage on shares of Quantinuum in a research report on Monday, June 29th. They issued an “overweight” rating and a $90.00 target price on the stock. Jefferies Financial Group started coverage on Quantinuum in a research note on Monday, June 29th. They issued a “buy” rating and a $90.00 price target for the company. Evercore assumed coverage on Quantinuum in a report on Monday, June 29th. They set an “outperform” rating and a $98.00 price objective on the stock. Bank of America assumed coverage on shares of Quantinuum in a report on Monday, June 29th. They set a “buy” rating and a $100.00 target price on the stock. Finally, TD Cowen started coverage on Quantinuum in a report on Monday, June 29th. They issued a “buy” rating for the company. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Quantinuum has a consensus rating of “Moderate Buy” and an average price target of $98.75.

Quantinuum Trading Down 6.7%

Insider Activity at Quantinuum

In other news, Director Kenneth D. Denman purchased 14,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were acquired at an average price of $60.00 per share, with a total value of $840,000.00. Following the completion of the transaction, the director owned 19,833 shares of the company’s stock, valued at $1,189,980. The trade was a 240.01% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Manish H. Bhatia purchased 20,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were acquired at an average price of $60.00 per share, with a total value of $1,200,000.00. Following the completion of the acquisition, the director owned 25,833 shares in the company, valued at approximately $1,549,980. This trade represents a 342.88% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 411,032 shares of company stock valued at $24,661,920 over the last 90 days.

About Quantinuum

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.