Quantum Computing (QUBT) Earns “Buy” Reco, Gets Boost

We recently published a list of Investors Are Gobbling Up Shares of These 10 Firms. In this article, we are going to take a look at where Quantum Computing Inc. (NASDAQ:QUBT) stands against other top-performing companies on Tuesday.

Quantum Computing saw its share prices rise by 5.51 percent on Tuesday to close at $15.13 apiece, as investors took path from the optimistic outlook from an investment firm.

Since Ascendiant Capital Markets maintained its “buy” recommendation on Quantum Computing Inc.’s (NASDAQ:QUBT) stock on Friday, investors resumed buying positions, extending the stock’s rally to a third straight day today.

The adjustment was further supported by a higher target of $22 versus the $14 previously. The new target represented a 45-percent upside from its latest closing price.

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.

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

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

Overall, QUBT ranks 10th on our list of top-performing companies on Tuesday. 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.