Quantum Computing Inc. (NASDAQ:QUBT) received a significant rating update from Wall Street Zen, which raised its assessment from a “strong sell” to a “hold.” This development was announced in a research report issued on November 14, 2023, reflecting a shift in market sentiment regarding the company’s stock.
Recent Analyst Ratings and Price Targets
In addition to Wall Street Zen’s upgrade, other equity analysts have recently revised their ratings and price targets for Quantum Computing. Ascendiant Capital Markets increased its price target from $22.00 to $40.00, assigning a “buy” rating on October 3, 2023. Conversely, Weiss Ratings reaffirmed a “sell (d-)” rating on the shares, while Lake Street Capital adjusted its price target from $24.00 to $16.00, maintaining a “buy” recommendation.
Currently, two analysts have rated the stock as a buy, one has given it a hold rating, and one analyst has issued a sell rating. According to data from MarketBeat.com, Quantum Computing holds a consensus rating of “hold” with an average price target of $23.67.
Stock Performance and Financial Overview
On the trading day following the upgrade, shares of Quantum Computing opened at $10.18. The company has a market capitalization of $2.28 billion and a price-to-earnings (P/E) ratio of -14.97, indicating a potential volatility in its earnings. The stock has experienced a 52-week low of $4.37 and a high of $27.15.
In its latest quarterly earnings report, released on November 14, 2023, Quantum Computing reported earnings per share of ($0.05), aligning with analysts’ estimates. The company generated revenue of $0.38 million during this quarter, surpassing the estimated $0.12 million.
Insider Trading Activity
Recent insider trading activity has also caught investors’ attention. Director Robert B. Fagenson sold 35,000 shares of the company on September 10, 2023, at an average price of $15.52, resulting in a transaction worth $543,200.00. Following this sale, Fagenson retained 50,000 shares, valued at $776,000, marking a 41.18% decrease in his ownership.
Similarly, Director Javad Shabani sold 20,000 shares on September 5, 2023, at an average price of $15.30, totaling $306,000.00. After this transaction, Shabani held 17,474 shares, valued at approximately $267,352.20, which represented a 53.37% decrease in his stake. In total, insiders sold 1,137,474 shares worth $16,538,753 over the past three months, with insiders currently owning 19.30% of the stock.
Institutional Investment Trends
Institutional investors have been adjusting their stakes in Quantum Computing as well. Nisa Investment Advisors LLC acquired a new stake valued at $28,000 during the second quarter. Additionally, Thurston Springer Miller Herd & Titak Inc. purchased a new position valued at $29,000 during the same period. Farther Finance Advisors LLC significantly increased its stake in the third quarter, lifting it by 724.7% to now hold 1,501 shares, worth about $28,000.
Other notable investments include FWL Investment Management LLC and New Millennium Group LLC, which each acquired new stakes valued at approximately $33,000 and $36,000 respectively. Institutional and hedge fund investors currently own 4.26% of Quantum Computing’s stock.
Quantum Computing Inc. specializes in integrated photonics, providing accessible quantum machines. Their offerings include portable quantum computers, quantum random number generators, and quantum authentication solutions, which are designed to enhance cybersecurity in telecommunications.
