Quantum Computing Inc. Surged 21% W/e June 6th; After Surging 68% In May

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Introduction
 

Quantum Computing Inc. (QUBT) surged in the week ending June 6th due to positive earnings reports, analyst upgrades, and major industry developments, namely:.

• Ascendiant Capital Markets raised its price target by 57% from $13.70 to $22.00, maintaining a buy rating.
• Q1 earnings showed a net gain of 37.5% to $0.11 per share, up from $0.08 last year, but it should be noted that much of this gain was a matter of accounting, not a material improvement in its business. The company attributed the change to "a $23.6 million noncash gain on the mark-to-market valuation of the Company's warrant liability as a result of our merger with QPhoton in June 2022."
• The company announced the completion of its new quantum photonic chip foundry in Tempe, Arizona.

About Quantum Computing Inc.

• Quantum Computing Inc., an integrated photonics company, provides quantum machines to commercial and government markets in the United States.
• Specifically, the company:
  • develops thin film lithium niobate chips for optical devices, such as electro-optical modulators, periodically poled devices for frequency conversion, and micro ring resonator cavities markets;
  • is developing an entropy quantum computer, a full-stack system, allows users to avoid the complexity of software development kits at the circuit level, as well as enables developers to create and execute quantum-ready applications using application programming interfaces; and
  • offers:
    • a reservoir computer, an edge device that uses an integrated circuit that can be reprogrammed after manufacturing and optimized for recurrent neural network applications;
    • lidar which allows machines to see through dense fog and provide image fidelity at great distances in environments such as snow, ice, and water; 
    • quantum photonic vibrometer, an instrument for remote vibration detection, sensing, and inspection; and
    • quantum networks and quantum authentication products.

Stock Price Forecast

As mentioned above, the 1 analyst that follows QUBT, Ascendiant Capital Markets, has forecast a 12-month stock price target of  $22.00, which is a 37.7% increase from the closing June 6th stock price of $13.70.

Analyst Ratings

Ascendiant rates QUBT as a "STRONG BUY" which suggests that Ascendiant believes this stock is likely to perform very well in the near future and significantly outperform the market..

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