Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) shares were up 4% during trading on Thursday . The company traded as high as $10.05 and last traded at $9.91. Approximately 12,903,226 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 17,422,787 shares. The stock had previously closed at $9.53.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on QUBT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Cantor Fitzgerald dropped their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and a consensus target price of $17.50.
Read Our Latest Report on QUBT
Quantum Computing Stock Performance
Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. As a group, research analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.
Hedge Funds Weigh In On Quantum Computing
Hedge funds and other institutional investors have recently made changes to their positions in the company. Aventura Private Wealth LLC bought a new position in shares of Quantum Computing during the fourth quarter worth $26,000. International Assets Investment Management LLC bought a new position in shares of Quantum Computing during the fourth quarter worth $26,000. Rhumbline Advisers bought a new position in shares of Quantum Computing during the first quarter worth $28,000. Tucker Asset Management LLC bought a new position in shares of Quantum Computing during the fourth quarter worth $29,000. Finally, Toth Financial Advisory Corp boosted its position in shares of 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 in the last quarter. 4.26% of the stock is owned by institutional investors.
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.
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