Quantum Computing (NASDAQ:QUBT) Research Coverage Started at Wedbush

Wedbush started coverage on shares of Quantum Computing (NASDAQ:QUBT) in a report issued on Wednesday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $12.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Lake Street Capital reduced their price target on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Quantum Computing has an average rating of “Hold” and a consensus price target of $20.75.

Quantum Computing Trading Up 5.3%

QUBT stock opened at $10.89 on Wednesday. The firm has a 50 day moving average of $13.52 and a 200-day moving average of $16.08. Quantum Computing has a 12-month low of $4.37 and a 12-month high of $25.84. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -17.85 and a beta of 3.80.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in shares of Quantum Computing during the third quarter valued at approximately $4,582,000. Allworth Financial LP raised its holdings in Quantum Computing by 91.7% in the 3rd quarter. Allworth Financial LP now owns 4,218 shares of the company’s stock valued at $78,000 after acquiring an additional 2,018 shares during the last quarter. IFP Advisors Inc purchased a new position in shares of Quantum Computing during the 3rd quarter worth $61,000. Polar Asset Management Partners Inc. boosted its holdings in shares of Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after purchasing an additional 1,127,427 shares during the last quarter. Finally, Cantor Fitzgerald L. P. acquired a new stake in shares of Quantum Computing during the third quarter worth $705,000. 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.