Rating Upgrade Propels Quantum Computing (QUBT) Stock By 21%

We recently published a list of 15 Stocks That Stole The Show Last Week. In this article, we are going to take a look at where Quantum Computing Inc. (NASDAQ:QUBT) stands against other best stocks that stole the show last week.

Quantum Computing rallied by 21 percent week-on-week as investors gobbled up shares in the company after earning a rating upgrade from an investment firm.

In its market note last week, Ascendiant Capital Markets reaffirmed its “buy” recommendation on Quantum Computing Inc.’s (NASDAQ:QUBT) stock, while raising its price target to $22 from $14 previously. The new price target represented a 60-percent upside from its $13.7 closing price on Friday.

A data analyst pouring over a chart, the intricacies of its lines being revealed.

In the first quarter of the year, Quantum Computing Inc. (NASDAQ:QUBT) swung to a net income attributable to shareholders of $16.98 million from a $6.4 million net loss in the same period last year, primarily driven by a $23.6 million non-cash gain on the mark-to-market valuation of the company’s warrant liability as a result of its merger with QPhoton in June 2022.

Revenues, on the other hand, rose by 44 percent to $39,000 from $27,000 in the same period last year.

Overall, QUBT ranks 13th on our list of best stocks that stole the show last week. While we acknowledge the potential of QUBT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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