Quantum Computing (NASDAQ:QUBT) Stock Rating Raised to Sell at Wall Street Zen

Quantum Computing (NASDAQ:QUBT) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report released on Saturday, Wall Street Zen reports.

A number of other research analysts have also weighed in on the stock. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Rosenblatt Securities restated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, October 19th. Wedbush began coverage on Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target on the stock. 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, September 21st. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.67.

Quantum Computing Stock Performance

Shares of QUBT stock opened at $6.60 on Friday. The stock’s 50 day simple moving average is $7.78 and its 200 day simple moving average is $8.77. Quantum Computing has a twelve month low of $6.08 and a twelve month high of $16.79. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -94.27 and a beta of 3.75.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (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, analysts forecast that Quantum Computing will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Focus Financial Network Inc. raised its stake in shares of Quantum Computing by 402.6% in the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after acquiring an additional 730,240 shares during the last quarter. Bank of America Corp DE bought a new stake in Quantum Computing during the 2nd quarter worth approximately $3,762,000. BlackRock Inc. bought a new stake in Quantum Computing during the 2nd quarter worth approximately $172,020,000. Corient Private Wealth LP acquired a new stake in Quantum Computing during the 2nd quarter valued at $1,286,000. Finally, Deutsche Bank AG acquired a new stake in Quantum Computing during the 2nd quarter valued at $2,025,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

About Quantum Computing

Quantum Computing, Inc (NASDAQ:QUBT) develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.

Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.