Northland Securities Begins Coverage on Quantum Computing (NASDAQ:QUBT)

Investment analysts at Northland Securities assumed coverage on shares of Quantum Computing (NASDAQ:QUBT) in a research note issued to investors on Monday, Marketbeat reports. The brokerage set an “outperform” rating and a $20.00 price target on the stock. Northland Securities’ price objective would indicate a potential upside of 108.99% from the company’s current price.

Other research analysts have also issued research reports about the stock. Rosenblatt Securities restated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Tuesday, March 3rd. Ascendiant Capital Markets reduced their price objective on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Finally, Cantor Fitzgerald cut their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.50.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $9.57 on Monday. The firm has a fifty day moving average of $7.76 and a two-hundred day moving average of $11.28. Quantum Computing has a 12-month low of $5.76 and a 12-month high of $25.84. The firm has a market capitalization of $2.15 billion, a P/E ratio of -63.80 and a beta of 3.67.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $0.20 million during the quarter, compared to the consensus estimate of $0.39 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total value of $540,880.70. Following the sale, the chief financial officer directly owned 1,132,398 shares in the company, valued at $8,889,324.30. This trade represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

Institutional investors have recently modified their holdings of the company. Fortem Financial Group LLC raised its stake in shares of Quantum Computing by 58.5% in the first quarter. Fortem Financial Group LLC now owns 31,596 shares of the company’s stock valued at $216,000 after purchasing an additional 11,657 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $446,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Quantum Computing by 3.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 52,924 shares of the company’s stock worth $543,000 after acquiring an additional 1,871 shares during the period. Tulsa Wealth Advisors INC acquired a new stake in shares of Quantum Computing during the 4th quarter valued at about $246,000. Finally, Invesco Ltd. boosted its position in shares of Quantum Computing by 21.1% during the 4th quarter. Invesco Ltd. now owns 96,557 shares of the company’s stock valued at $991,000 after acquiring an additional 16,824 shares in the last quarter. Institutional investors and hedge funds 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.