Quantum Computing (QUBT) Sheds 9.3% After Weak Analyst Rating

We recently published 10 Big Names Investors Are Dumping. Quantum Computing Inc. (NASDAQ:QUBT) is one of the worst performers on Wednesday.

Quantum Computing fell by 9.32 percent on Wednesday to finish at $10.22 apiece as investors soured on an analyst’s weak rating in its initial coverage for its stock.

In a market report, Wedbush issued a “neutral” rating on shares of Quantum Computing Inc. (NASDAQ:QUBT), alongside a $12 price target. Still, the figure marks a 17 percent upside potential from its latest closing price.

Its rating for Quantum Computing Inc. (NASDAQ:QUBT), however, is notably more conservative as compared with the latter’s counterparts, namely IonQ, Rigetti Computing, and D-Wave Quantum, which were rated “outperform.”

“Quantum computing remains in its nascent stages, but we view it as a transformational technology with significant long-term potential which we believe will ultimately represent the next frontier of computing,” Wedbush said.

“We expect that by the end of the decade, quantum computing companies will represent a larger share of the total spend on compute from what is a very small base today. Specifically, we project that quantum computing spending on the four covered companies could reach just under 2 percent of total compute expenditures by 2030, from virtually nothing today, as the technology moves from research to commercial applications,” it added.

“The combination of significant [total addressable market] growth, real-world benefits from optimization, and potential energy efficiencies makes quantum a generational investment theme.”

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Disclosure: None. This article is originally published at Insider Monkey.