Quantum Computing (NASDAQ:QUBT) Trading Up 4% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 4% during mid-day trading on Tuesday . The stock traded as high as $8.32 and last traded at $8.32. Approximately 7,483,977 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 16,896,217 shares. The stock had previously closed at $8.00.

Analyst Ratings Changes

QUBT has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a report on Wednesday, June 24th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a report on Monday, June 29th. Northland Securities assumed coverage on Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a report on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Stock Up 4.0%

The stock has a market capitalization of $1.88 billion, a PE ratio of -29.71 and a beta of 3.78. The firm’s fifty day moving average is $10.28 and its 200-day moving average is $9.50.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. On average, analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current year.

Institutional Trading of Quantum Computing

A number of institutional investors have recently modified their holdings of QUBT. Aventura Private Wealth LLC purchased a new position in Quantum Computing in the fourth quarter worth $26,000. International Assets Investment Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth $26,000. Rhumbline Advisers purchased a new stake in shares of Quantum Computing during the 1st quarter worth $28,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing during the 4th quarter worth $29,000. Finally, Toth Financial Advisory Corp grew its stake in shares of Quantum Computing by 50.0% during the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.