Quantum Computing (NASDAQ:QUBT) Stock Rating Upgraded by Wall Street Zen

Quantum Computing (NASDAQ:QUBT – Get Free Report) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

QUBT has been the subject of several other research reports. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research note on Monday, June 29th. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Wedbush started coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target on the stock. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and an average price target of $18.67.

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Quantum Computing Stock Performance

QUBT opened at $8.96 on Friday. The company has a 50-day moving average of $8.38 and a 200-day moving average of $8.88. The company has a market capitalization of $2.03 billion, a P/E ratio of -127.98 and a beta of 3.78. Quantum Computing has a 1-year low of $6.18 and a 1-year high of $25.84.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its quarterly 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 analyst estimates of $5.15 million. As a group, sell-side analysts expect that Quantum Computing will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantum Computing

A number of 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% during the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after purchasing an additional 730,240 shares in the last quarter. BlackRock Inc. bought a new position in Quantum Computing in the 2nd quarter valued at about $172,020,000. Corient Private Wealth LP bought a new position in Quantum Computing in the 2nd quarter valued at about $1,286,000. Landscape Capital Management L.L.C. acquired a new position in Quantum Computing during the 2nd quarter valued at about $3,696,000. Finally, Deutsche Bank AG acquired a new position in Quantum Computing during the 2nd quarter valued at about $2,025,000. 4.26% of the stock is currently owned by institutional investors.

About Quantum Computing

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Quantum Computing, Inc (NASDAQ: QUBT), also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi’s offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.

Further Reading

Analyst Recommendations for Quantum Computing (NASDAQ:QUBT)

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