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

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

A number of other equities research analysts have also issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Cantor Fitzgerald cut their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Finally, Northland Securities assumed coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective for the company. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Quantum Computing currently has an average rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Price Performance

Shares of QUBT opened at $9.93 on Friday. Quantum Computing has a 1 year low of $6.18 and a 1 year high of $25.84. The company has a 50 day simple moving average of $9.73 and a two-hundred day simple moving average of $9.84. The firm has a market cap of $2.24 billion, a P/E ratio of -35.46 and a beta of 3.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, sell-side analysts anticipate that Quantum Computing will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Royal Bank of Canada grew its holdings in shares of Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after purchasing an additional 19,527 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after purchasing an additional 2,280 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the first quarter valued at $28,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Quantum Computing by 12,826.8% in the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after purchasing an additional 54,129 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other 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.