Quantum Computing Inc. (NASDAQ:QUBT) Receives $18.33 Consensus Price Target from Brokerages

Quantum Computing Inc. (NASDAQ:QUBT) has been given a consensus recommendation of “Hold” by the seven analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $18.6667.

QUBT has been the subject of several research reports. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research note on Tuesday, August 11th. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Finally, Wedbush started coverage on shares of Quantum Computing in a report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price target on the stock.

Quantum Computing Stock Performance

Shares of Quantum Computing stock opened at $8.15 on Monday. The stock has a 50-day moving average price of $8.67 and a 200 day moving average price of $8.87. The company has a market cap of $1.84 billion, a P/E ratio of -116.41 and a beta of 3.74. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Quantum Computing in the 2nd quarter valued at approximately $172,020,000. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing in the third quarter valued at approximately $123,014,000. Marex Group plc grew its position in Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after acquiring an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. Finally, Defiance ETFs LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at $33,071,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.