Wall Street Zen Downgrades Quantum Computing (NASDAQ:QUBT) to Sell

Quantum Computing (NASDAQ:QUBT) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other analysts also recently weighed in on the stock. Wedbush started coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 price target for the company. Ascendiant Capital Markets decreased their price objective on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Rosenblatt Securities began coverage on Quantum Computing in a report on Thursday, January 15th. They set a “buy” rating and a $22.00 target price for the company. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Quantum Computing Price Performance

Shares of NASDAQ QUBT opened at $9.43 on Friday. Quantum Computing has a one year low of $4.37 and a one year high of $25.84. The firm’s 50 day simple moving average is $11.32 and its two-hundred day simple moving average is $14.44. The stock has a market capitalization of $2.11 billion, a P/E ratio of -15.46 and a beta of 3.44.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million during the quarter, compared to the consensus estimate of $0.12 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, COO Milan Begliarbekov sold 2,860 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $11.85, for a total transaction of $33,891.00. Following the completion of the transaction, the chief operating officer owned 24,240 shares of the company’s stock, valued at $287,244. This represents a 10.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 19.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the business. Aventura Private Wealth LLC purchased a new stake in Quantum Computing in the fourth quarter worth $26,000. International Assets Investment Management LLC bought a new position in Quantum Computing in the 4th quarter worth $26,000. Nisa Investment Advisors LLC bought a new position in Quantum Computing in the 2nd quarter worth $28,000. Farther Finance Advisors LLC lifted its position in shares of Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares during the period. Finally, Rhumbline Advisers bought a new stake in shares of Quantum Computing during the 1st quarter valued at about $28,000. 4.26% of the stock is owned by hedge funds and other 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.