Quantum Computing (NASDAQ:QUBT) Given New $32.00 Price Target at Ascendiant Capital Markets

Quantum Computing (NASDAQ:QUBT) had its price objective increased by equities researchers at Ascendiant Capital Markets from $30.00 to $32.00 in a report issued on Wednesday, MarketBeat reports. The firm currently has a “buy” rating on the stock. Ascendiant Capital Markets’ price objective indicates a potential upside of 278.25% from the company’s current price.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 target price on shares of Quantum Computing in a research report on Tuesday, August 11th. Wedbush initiated coverage on Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target for the company. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Wall Street Zen downgraded Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.67.

Quantum Computing Stock Performance

Shares of NASDAQ:QUBT opened at $8.46 on Wednesday. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of -120.84 and a beta of 3.74. Quantum Computing has a 1-year low of $6.18 and a 1-year high of $25.84. The company has a 50 day moving average price of $8.79 and a 200 day moving average price of $8.88.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million. On average, sell-side analysts expect that Quantum Computing will post -0.18 EPS for the current fiscal year.

Institutional Trading of Quantum Computing

A number of hedge funds have recently modified their holdings of QUBT. Royal Bank of Canada raised its position in Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after buying an additional 19,527 shares during the period. Millennium Management LLC lifted its stake in Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after acquiring an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Quantum Computing by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after acquiring an additional 2,280 shares during the period. Rhumbline Advisers acquired a new stake in Quantum Computing during the 1st quarter worth about $28,000. Finally, JPMorgan Chase & Co. grew its stake in Quantum Computing by 12,826.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after acquiring an additional 54,129 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.