Quantum Computing (NASDAQ:QUBT) Now Covered by Northland Securities

Northland Securities started coverage on shares of Quantum Computing (NASDAQ:QUBT) in a research report released on Monday, Marketbeat reports. The firm issued an outperform rating and a $20.00 price objective on the stock.

A number of other equities analysts have also weighed in on the stock. Ascendiant Capital Markets cut their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, December 22nd. Cantor Fitzgerald cut their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Tuesday, March 3rd. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Performance

NASDAQ QUBT opened at $9.83 on Monday. Quantum Computing has a 52-week low of $5.76 and a 52-week high of $25.84. The company has a 50-day simple moving average of $7.77 and a 200 day simple moving average of $11.21. The company has a market capitalization of $2.21 billion, a PE ratio of -65.53 and a beta of 3.67.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $0.20 million for the quarter, compared to analysts’ expectations of $0.39 million. As a group, analysts forecast that Quantum Computing will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer owned 1,132,398 shares in the company, valued at $8,889,324.30. This trade represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after acquiring an additional 19,527 shares in the last quarter. Millennium Management LLC grew its stake in Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after acquiring an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares in the last quarter. Rhumbline Advisers purchased a new position in Quantum Computing during the first quarter valued at approximately $28,000. Finally, JPMorgan Chase & Co. grew its stake in Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after acquiring an additional 54,129 shares in 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.