Quantum Computing (NASDAQ:QUBT) Stock Price Up 7.2% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 7.2% during mid-day trading on Thursday . The stock traded as high as $12.39 and last traded at $12.24. Approximately 30,573,177 shares were traded during trading, an increase of 78% from the average daily volume of 17,183,219 shares. The stock had previously closed at $11.42.

Analyst Ratings Changes

QUBT has been the topic of several research reports. Northland Securities initiated coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald decreased their price target 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. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Performance

The stock has a market capitalization of $2.70 billion, a P/E ratio of -42.71 and a beta of 3.70. The stock’s fifty day simple moving average is $9.00 and its two-hundred day simple moving average is $9.88.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. As a group, analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. The trade was a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $26,000. Rhumbline Advisers acquired a new position in shares of Quantum Computing in the 1st quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $29,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Quantum Computing by 50.0% in 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 owned by institutional investors.

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.