Quantum Computing (NASDAQ:QUBT) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Quantum Computing (NASDAQ:QUBT) from a hold rating to a sell rating in a research report report published on Saturday.

Several other brokerages have also commented on QUBT. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. Cantor Fitzgerald reduced their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Lake Street Capital lowered their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Finally, Ascendiant Capital Markets decreased their price target 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. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Quantum Computing has an average rating of “Hold” and a consensus target price of $17.00.

Quantum Computing Trading Down 1.6%

Shares of NASDAQ:QUBT opened at $7.60 on Friday. Quantum Computing has a 52 week low of $4.37 and a 52 week high of $25.84. The company has a market cap of $1.71 billion, a PE ratio of -50.67 and a beta of 3.51. The company’s 50 day moving average is $9.95 and its two-hundred day moving average is $13.36.

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

Insiders Place Their Bets

In other Quantum Computing news, COO Milan Begliarbekov sold 2,860 shares of the firm’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 transaction, the chief operating officer owned 24,240 shares of the company’s stock, valued at approximately $287,244. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aventura Private Wealth LLC acquired a new position in Quantum Computing in the 4th quarter valued at about $26,000. International Assets Investment Management LLC acquired a new stake in shares of Quantum Computing during the 4th quarter worth about $26,000. Farther Finance Advisors LLC grew its holdings in shares of Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after buying an additional 1,319 shares in the last quarter. Rhumbline Advisers acquired a new position in shares of Quantum Computing in the first quarter valued at approximately $28,000. Finally, Tucker Asset Management LLC acquired a new position in shares of Quantum Computing in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

About Quantum Computing

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.