Quantum Computing (NASDAQ:QUBT) Stock Price Up 4.6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 4.6% during mid-day trading on Thursday . The company traded as high as $9.33 and last traded at $9.15. Approximately 8,721,159 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 17,078,271 shares. The stock had previously closed at $8.75.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on QUBT shares. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Cantor Fitzgerald restated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research report on Monday. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.33.

Quantum Computing Trading Up 4.6%

The firm’s 50 day moving average is $10.28 and its two-hundred day moving average is $9.56. The firm has a market cap of $2.06 billion, a P/E ratio of -32.68 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. Analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently modified their holdings of the business. Toth Financial Advisory Corp grew its holdings in Quantum Computing by 50.0% during the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Signaturefd LLC raised its stake in Quantum Computing by 36.5% in the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after buying an additional 1,000 shares during the period. Two Sigma Investments LP raised its stake in Quantum Computing by 2.5% in the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after buying an additional 1,001 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock valued at $86,000 after buying an additional 1,057 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock valued at $93,000 after buying an additional 1,525 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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.