Quantinuum (NASDAQ:QNT) Shares Gap Up – Should You Buy?

Quantinuum Inc. (NASDAQ:QNT) gapped up prior to trading on Tuesday . The stock had previously closed at $49.65, but opened at $52.04. Quantinuum shares last traded at $51.18, with a volume of 962,213 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on QNT. Rosenblatt Securities reiterated a “buy” rating and set a $155.00 target price on shares of Quantinuum in a report on Wednesday, August 19th. Wall Street Zen downgraded shares of Quantinuum from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Zacks Research upgraded Quantinuum to a “hold” rating in a research note on Tuesday, June 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Quantinuum in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group set a $85.00 price target on Quantinuum in a research report on Wednesday, August 12th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $98.42.

Quantinuum Stock Performance

The business’s 50 day simple moving average is $59.61.

Quantinuum (NASDAQ:QNT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.02). The firm had revenue of $8.00 million for the quarter. As a group, sell-side analysts expect that Quantinuum Inc. will post -1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quantinuum

Hedge funds have recently added to or reduced their stakes in the stock. Lisanti Capital Growth LLC acquired a new position in shares of Quantinuum during the second quarter valued at $409,000. Wellington Management Group LLP bought a new position in Quantinuum in the 2nd quarter worth about $92,418,000. Outfitters Financial LLC acquired a new stake in shares of Quantinuum in the second quarter valued at approximately $511,000. Finally, Readystate Asset Management LP acquired a new position in shares of Quantinuum during the second quarter worth approximately $4,111,000.

About Quantinuum

Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.

The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.