Quantum Computing (NASDAQ:QUBT) Downgraded to Sell Rating by Wall Street Zen

Quantum Computing (NASDAQ:QUBT) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Other analysts also recently issued reports about the stock. Ascendiant Capital Markets reduced their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Lake Street Capital dropped their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 target price on shares of Quantum Computing in a research note on Thursday, December 18th. Wedbush assumed coverage on shares of Quantum Computing in a report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Quantum Computing Stock Performance

Shares of NASDAQ:QUBT opened at $9.43 on Friday. The firm has a market capitalization of $2.11 billion, a P/E ratio of -15.46 and a beta of 3.44. The stock has a 50 day moving average price of $11.32 and a 200-day moving average price of $14.44. Quantum Computing has a 52-week low of $4.37 and a 52-week high of $25.84.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, COO Milan Begliarbekov sold 2,860 shares of Quantum Computing stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total value of $33,891.00. Following the completion of the transaction, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at approximately $287,244. The trade was a 10.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Concurrent Investment Advisors LLC purchased a new stake in Quantum Computing in the second quarter worth approximately $1,003,000. Rollins Financial Advisors LLC bought a new position in shares of Quantum Computing during the 2nd quarter valued at $504,000. SLT Holdings LLC lifted its holdings in shares of Quantum Computing by 111.5% during the 2nd quarter. SLT Holdings LLC now owns 69,250 shares of the company’s stock valued at $1,328,000 after buying an additional 36,500 shares during the period. Pacific Heights Asset Management LLC purchased a new position in shares of Quantum Computing in the 2nd quarter worth $7,668,000. Finally, Intech Investment Management LLC bought a new stake in shares of Quantum Computing in the second quarter worth $1,169,000. Institutional investors own 4.26% of the company’s stock.

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.