Max Michaelis, an analyst from Lake Street, has initiated a new Buy rating on Quantum Computing (QUBT).
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Max Michaelis has given his Buy rating due to a combination of factors that highlight Quantum Computing Inc’s (QCi) potential in the burgeoning quantum computing market. The company is strategically positioned with a first-mover advantage, particularly in the field of photonics and Thin Film Lithium Niobate (TFLN) technology, which is anticipated to become a critical component in future semiconductor fabrication. This advantage is bolstered by QCi’s U.S.-based foundry, which is poised to capitalize on the constrained supply chain and growing demand in sectors such as telecom and datacom.
Additionally, QCi’s diverse approach, which includes the development of its proprietary photonic chips and quantum computing solutions, positions it well for future growth. The company’s recent completion of its Quantum Photonic Chip Foundry and the introduction of its Dirac-3 entropy quantum computer are expected to drive significant revenue growth in the coming years. These strategic initiatives, coupled with the company’s efforts to build a comprehensive quantum computing product ecosystem, underpin Michaelis’s confidence in QCi’s long-term growth prospects, justifying the Buy rating and a price target of $24.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of QUBT in relation to earlier this year.