Ascendiant Capital Markets Boosts Quantum Computing (NASDAQ:QUBT) Price Target to $40.00

Quantum Computing (NASDAQ:QUBT) had its price objective boosted by stock analysts at Ascendiant Capital Markets from $22.00 to $40.00 in a report released on Friday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price would indicate a potential upside of 62.47% from the company’s previous close.

Several other research analysts have also recently commented on the stock. Lake Street Capital assumed coverage on shares of Quantum Computing in a research report on Thursday, September 18th. They issued a “buy” rating and a $24.00 target price for the company. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They issued a “neutral” rating and a $15.00 price target for the company. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $26.33.

Quantum Computing Trading Up 23.2%

NASDAQ QUBT opened at $24.62 on Friday. Quantum Computing has a 52 week low of $0.65 and a 52 week high of $27.15. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of -36.21 and a beta of 3.85. The company has a 50-day moving average price of $16.84 and a two-hundred day moving average price of $13.87.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Insider Activity

In related news, Director Javad Shabani sold 17,474 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $15.26, for a total value of $266,653.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Pouya Dianat sold 17,175 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last quarter. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. increased its stake in Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company’s stock valued at $270,000 after buying an additional 20,731 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Quantum Computing in the 1st quarter valued at approximately $798,000. Teacher Retirement System of Texas acquired a new position in Quantum Computing in the 1st quarter valued at approximately $136,000. Vanguard Group Inc. increased its stake in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock valued at $41,531,000 after buying an additional 1,004,675 shares during the period. Finally, Swiss National Bank acquired a new position in Quantum Computing in the 1st quarter valued at approximately $1,806,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.