Brokerages Set Quantum Computing Inc. (NASDAQ:QUBT) PT at $17.00

Quantum Computing Inc. (NASDAQ:QUBT) has earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $17.00.

A number of brokerages have weighed in on QUBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Cantor Fitzgerald cut their price target on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Wedbush assumed coverage on shares of Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective for the company. Ascendiant Capital Markets lowered 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. Finally, Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th.

Quantum Computing Stock Performance

Shares of Quantum Computing stock opened at $6.66 on Friday. The business has a 50-day moving average price of $8.68 and a two-hundred day moving average price of $12.51. Quantum Computing has a 1-year low of $5.76 and a 1-year high of $25.84. The company has a market cap of $1.50 billion, a P/E ratio of -44.40 and a beta of 3.51.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $0.20 million during the quarter, compared to analyst estimates of $0.39 million.

Insider Buying and Selling at Quantum Computing

In other news, COO Milan Begliarbekov sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $11.85, for a total value of $33,891.00. Following the completion of the sale, the chief operating officer directly owned 24,240 shares in the company, valued at $287,244. This trade represents a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total value of $73,476.00. Following the completion of the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. The trade was a 0.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 81,122 shares of company stock valued at $648,248. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing in the third quarter valued at approximately $123,014,000. Marex Group plc raised its position in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares during the period. Vanguard Group Inc. raised its position in shares of Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the period. Ghisallo Capital Management LLC bought a new position in shares of Quantum Computing in the 3rd quarter worth $74,194,000. Finally, Defiance ETFs LLC acquired a new stake in Quantum Computing in the 4th quarter valued at $33,071,000. 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.