Brokerages Set Quantum Computing Inc. (NASDAQ:QUBT) Price Target at $17.50

Shares of Quantum Computing Inc. (NASDAQ:QUBT) have been assigned an average rating of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $17.50.

Several equities research analysts recently weighed in on QUBT shares. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Cantor Fitzgerald cut their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a report on Tuesday, March 3rd. Finally, Northland Securities began coverage on shares of Quantum Computing in a research report on Monday. They issued an “outperform” rating and a $20.00 target price on the stock.

Quantum Computing Trading Down 8.2%

Shares of NASDAQ:QUBT opened at $9.05 on Tuesday. The company has a market cap of $2.04 billion, a PE ratio of -60.33 and a beta of 3.67. The company’s 50 day moving average is $7.82 and its two-hundred day moving average is $11.08. Quantum Computing has a 52 week low of $6.18 and a 52 week high of $25.84.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, March 2nd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.39 million. As a group, equities research analysts expect that Quantum Computing will post -0.24 EPS for the current year.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total value 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 represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QUBT. Pictet Asset Management Holding SA increased its position in Quantum Computing by 48.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 34,320 shares of the company’s stock valued at $235,000 after acquiring an additional 11,179 shares during the period. Fortem Financial Group LLC lifted its position in Quantum Computing by 58.5% during the 1st quarter. Fortem Financial Group LLC now owns 31,596 shares of the company’s stock worth $216,000 after acquiring an additional 11,657 shares during the period. Hsbc Holdings PLC acquired a new stake in Quantum Computing during the 4th quarter worth approximately $446,000. Rockefeller Capital Management L.P. grew its stake in shares of Quantum Computing by 3.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 52,924 shares of the company’s stock valued at $543,000 after purchasing an additional 1,871 shares during the last quarter. Finally, Tulsa Wealth Advisors INC purchased a new position in shares of Quantum Computing in the 4th quarter valued at approximately $246,000. Institutional investors and hedge funds 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.