Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) reached a new 52-week low on Thursday. The stock traded as low as $5.94 and last traded at $5.7880, with a volume of 1,307,372 shares trading hands. The stock had previously closed at $6.43.
Analyst Ratings Changes
Several research firms have recently commented on QUBT. Wedbush initiated coverage on shares of Quantum Computing in a report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Monday, October 19th. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, September 21st. Finally, Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 31st. 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.67.
View Our Latest Stock Analysis on Quantum Computing
Quantum Computing Trading Up 12.4%
The company has a 50-day simple moving average of $7.55 and a 200 day simple moving average of $8.62. The firm has a market cap of $1.43 billion, a PE ratio of -90.42 and a beta of 3.95.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $5.55 million for the quarter, compared to analysts’ expectations of $5.15 million. On average, equities analysts expect that Quantum Computing Inc. will post -0.19 earnings per share for the current year.
Hedge Funds Weigh In On Quantum Computing
A number of institutional investors have recently added to or reduced their stakes in QUBT. BlackRock Inc. acquired a new position in shares of Quantum Computing in the second quarter valued at approximately $172,020,000. Bank of New York Mellon Corp acquired a new position in Quantum Computing in the 2nd quarter valued at about $19,164,000. Van ECK Associates Corp grew its holdings in Quantum Computing by 35.6% in the 2nd quarter. Van ECK Associates Corp now owns 1,317,352 shares of the company’s stock valued at $12,778,000 after buying an additional 345,750 shares during the period. Pacific Heights Asset Management LLC acquired a new position in shares of Quantum Computing in the 2nd quarter valued at about $9,700,000. Finally, Focus Financial Network Inc. raised its holdings in shares of Quantum Computing by 402.6% during the 2nd quarter. Focus Financial Network Inc. now owns 911,635 shares of the company’s stock valued at $8,843,000 after buying an additional 730,240 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.
About Quantum Computing
Quantum Computing, Inc (NASDAQ:QUBT) develops quantum computing and quantum communications technologies designed to make quantum capabilities more accessible to commercial, government and research customers. The company focuses on photonic and optical approaches intended to operate with less specialized infrastructure than some conventional quantum computing systems.
Its offerings include quantum optimization and machine-learning solutions, photonic quantum computing hardware and software, and related quantum cybersecurity and sensing technologies.
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