Quantum Computing (QUBT) stock underwent a massive rally on Tuesday thanks to the company’s latest earnings report and updated analyst coverage. Investors will note that Quantum Computing (QUBT) beat Wall Street’s estimates with its adjusted earnings per share of -2 cents and revenue of $3.7 million.
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High conviction QUBT bulls now have this Tradr ETFQuantum Computing’s latest earnings report triggered updated analyst coverage today. This included a reiterated Buy rating and $22 price target from Rosenblatt Securities analyst John McPeake. The analyst’s price target for QUBT stock suggests a possible 116.11% upside for the shares. Four-star Wedbush analyst Antoine Legault reiterated a Hold rating for Quantum Computing stock. He also kept a $12 price target for the shares, implying a potential 17.88% upside for QUBT stock.
Looking ahead, Quantum Computing CEO Dr. Yuping Huang said, “As demand for faster and more efficient data processing grows, it is becoming increasingly clear that photonics will be a critical component of future technological advancements given its low power consumption and ability to operate at room temperature. During the first quarter we strengthened our position in this space, and made significant progress in advancing our technology roadmap and continued to grow our commercial momentum.”
Quantum Computing Stock Movement Today
Quantum Computing stock was up 26.33% in premarket trading on Tuesday, following a 6.04% rally yesterday. The stock has fallen 0.78% year-to-date, but has rallied 15.81% over the past 12 months.
Trading activity today saw some 16.6 million shares of QUBT stock change hands, compared to a three-month average daily trading volume of about 11.59 million shares.
Is Quantum Computing Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Quantum Computing is Moderate Buy, based on four Buy and two Hold ratings over the past three months. With that comes an average QUBT stock price target of $17.83, representing a potential 75.18% upside for the shares. These ratings and price targets will likely change as more analysts update their coverage after this earnings report.
