Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s share price rose 7.5% on Friday . The company traded as high as $8.77 and last traded at $8.75. Approximately 3,836,250 shares changed hands during trading, a decline of 75% from the average session volume of 15,404,908 shares. The stock had previously closed at $8.14.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on QUBT shares. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a research note on Monday, June 29th. Wall Street Zen downgraded shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Wedbush began coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 target price on the stock. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.33.
Get Our Latest Analysis on QUBT
Quantum Computing Price Performance
Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. Equities analysts predict that Quantum Computing Inc. will post -0.18 earnings per share 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. BlackRock Inc. purchased a new position in Quantum Computing in the 2nd quarter valued at approximately $172,020,000. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing during the third quarter worth $123,014,000. Marex Group plc boosted its holdings in shares of 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 during the period. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares during the period. Finally, Defiance ETFs LLC purchased a new position in shares of Quantum Computing in the fourth quarter valued at $33,071,000. Institutional investors own 4.26% of the company’s stock.
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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