Quantum Computing (NASDAQ:QUBT) Coverage Initiated by Analysts at Lake Street Capital

Lake Street Capital assumed coverage on shares of Quantum Computing (NASDAQ:QUBT) in a report published on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $24.00 price objective on the stock.

Several other equities analysts have also issued reports on the company. Cantor Fitzgerald initiated coverage on Quantum Computing in a research note on Wednesday, July 2nd. They set a “neutral” rating and a $15.00 price target on the stock. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Finally, Ascendiant Capital Markets upped their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.33.

Quantum Computing Stock Performance

QUBT opened at $18.35 on Thursday. The business has a 50 day moving average price of $16.23 and a 200 day moving average price of $12.70. Quantum Computing has a twelve month low of $0.64 and a twelve month high of $27.15. The firm has a market cap of $2.93 billion, a P/E ratio of -26.98 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling

In other news, CEO Yuping Huang sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer directly owned 21,287,718 shares of the company’s stock, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Javad Shabani sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $15.30, for a total value of $306,000.00. Following the completion of the sale, the director directly owned 17,474 shares of the company’s stock, valued at approximately $267,352.20. The trade was a 53.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,649 shares of company stock valued at $16,805,481. 19.30% of the stock is currently owned by company insiders.

Institutional Trading of Quantum Computing

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing during the second quarter worth approximately $29,000. FWL Investment Management LLC bought a new position in shares of Quantum Computing during the second quarter worth approximately $33,000. Allworth Financial LP bought a new position in shares of Quantum Computing during the second quarter worth approximately $42,000. Finally, Compagnie Lombard Odier SCmA increased its stake in shares of Quantum Computing by 53.5% during the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company’s stock worth $55,000 after purchasing an additional 1,000 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Company Profile

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.