Quantum Computing (NASDAQ:QUBT) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Quantum Computing (NASDAQ:QUBT) from a sell rating to a strong sell rating in a research note issued to investors on Saturday morning.

QUBT has been the topic of a number of other reports. Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Cantor Fitzgerald reissued a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Finally, Northland Securities assumed coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Stock Up 0.4%

Shares of NASDAQ QUBT opened at $9.05 on Friday. The stock has a market cap of $2.05 billion, a PE ratio of -129.27 and a beta of 3.74. Quantum Computing has a 52-week low of $6.18 and a 52-week high of $25.84. The business has a 50-day moving average price of $8.98 and a 200 day moving average price of $8.93.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The company had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. Sell-side analysts anticipate that Quantum Computing will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Pacific Heights Asset Management LLC purchased a new position in shares of Quantum Computing during the 2nd quarter worth approximately $9,700,000. Corient Private Wealth LP acquired a new position in Quantum Computing during the second quarter worth $1,286,000. Bank of America Corp DE acquired a new position in Quantum Computing during the second quarter worth $3,762,000. Jupiter Topco LLC purchased a new position in Quantum Computing in the second quarter worth $852,000. Finally, Hsbc Holdings PLC acquired a new stake in Quantum Computing in the second quarter valued at $395,000. Institutional investors and hedge funds 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.