Quantum Computing (NASDAQ:QUBT) Upgraded by Wall Street Zen to Hold Rating

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

A number of other equities analysts have also recently issued reports on the stock. Wedbush began coverage on shares of Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research 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 report on Thursday, December 18th. Lake Street Capital dropped their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Finally, Rosenblatt Securities initiated coverage on Quantum Computing in a research report on Thursday, January 15th. They issued a “buy” rating and a $22.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Quantum Computing has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Quantum Computing Stock Performance

QUBT opened at $8.47 on Friday. The business’s 50-day simple moving average is $10.99 and its 200-day simple moving average is $14.15. The stock has a market capitalization of $1.90 billion, a P/E ratio of -13.89 and a beta of 3.44. Quantum Computing has a one year low of $4.37 and a one year high of $25.84.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

Insider Activity

In other news, COO Milan Begliarbekov sold 2,860 shares of the company’s stock in a transaction 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 sale, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at $287,244. This represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its position in Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after acquiring an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after buying an additional 2,280 shares in the last quarter. Rhumbline Advisers acquired a new stake in Quantum Computing in the 1st quarter valued at about $28,000. Finally, KLP Kapitalforvaltning AS raised its position in Quantum Computing by 20.9% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 27,200 shares of the company’s stock worth $521,000 after purchasing an additional 4,700 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

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.