Quantum Computing (NASDAQ:QUBT) Shares Up 2.5% – Should You Buy?
by Danessa Lincoln · The Markets DailyQuantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s share price was up 2.5% during mid-day trading on Thursday . The stock traded as high as $12.34 and last traded at $11.94. Approximately 14,797,060 shares traded hands during trading, a decline of 16% from the average daily volume of 17,717,877 shares. The stock had previously closed at $11.65.
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. Ascendiant Capital Markets dropped 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a research note on Thursday, December 18th. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Lake Street Capital lowered their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Quantum Computing has an average rating of “Hold” and a consensus target price of $17.00.
Read Our Latest Stock Report on QUBT
Quantum Computing Stock Down 1.8%
The company has a market cap of $2.63 billion, a P/E ratio of -19.21 and a beta of 3.49. The firm’s 50 day moving average is $11.73 and its two-hundred day moving average is $15.53.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.
Institutional Trading of Quantum Computing
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Quantum Computing by 23.1% in the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after purchasing an additional 2,286,514 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at about $123,014,000. Anson Funds Management LP grew its stake in shares of Quantum Computing by 14.9% in the 3rd quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after buying an additional 695,092 shares during the period. Ghisallo Capital Management LLC bought a new stake in Quantum Computing in the 3rd quarter valued at about $74,194,000. Finally, Polar Asset Management Partners Inc. raised its stake in Quantum Computing by 72.3% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after buying an additional 1,127,427 shares during the period. 4.26% of the stock is currently owned by institutional investors.
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.