Quantum Computing (NASDAQ:QUBT – Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01), FiscalAI reports. The firm had revenue of $5.55 million for the quarter, compared to analyst estimates of $5.15 million.
Quantum Computing Stock Down 2.7%
QUBT stock traded down $0.25 during midday trading on Monday, reaching $8.93. The company had a trading volume of 9,346,259 shares, compared to its average volume of 15,881,526. The firm has a market capitalization of $2.01 billion, a PE ratio of -31.89 and a beta of 3.74. The stock has a 50 day moving average price of $9.25 and a 200 day moving average price of $9.04. Quantum Computing has a fifty-two week low of $6.18 and a fifty-two week high of $25.84.
Analysts Set New Price Targets
A number of research firms have commented on QUBT. Wedbush initiated coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 price objective on the stock. Northland Securities assumed coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Monday, June 29th. Ascendiant Capital Markets upped their price objective on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Finally, Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Four 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 company has an average rating of “Hold” and an average target price of $18.33.
Institutional Trading of Quantum Computing
Several hedge funds have recently made changes to their positions in QUBT. Royal Bank of Canada grew its stake in Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after acquiring an additional 483,940 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares during the period. Rhumbline Advisers bought a new position in shares of Quantum Computing during the first quarter worth about $28,000. Finally, JPMorgan Chase & Co. grew its position in shares of Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after acquiring an additional 54,129 shares during the last quarter. 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.
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