June 12 - Shares of Quantum Computing (QUBT, Financial) surged for a fourth consecutive session Thursday, extending a steep rally sparked by an analyst upgrade and renewed momentum in speculative tech names.
The stock jumped as much as 26% intraday to $20.91 before trimming gains to close at $18.70. That's up about 75% from last Friday's close near $12, putting the shares at their highest level since January. Overall, the stock is more than 2680% up over the past 1 year.
The recent rally follows a bullish note from Ascendiant Capital Markets, which reaffirmed its “buy” rating and raised its price target to $22 from $14. The upgraded outlook helped fuel a surge in volume, with traders eyeing the stock's all-time high of $27.20 as the next key resistance level.
Quantum Computing swung to a first-quarter net income of $17 million, driven by a $24 million non-cash gain tied to warrant liabilities. However, revenue remained modest at just $39,000, up from $27,000 a year earlier. The figures reflect limited commercial traction despite headline profitability.
Insider activity may also raise eyebrows. All three insider trades in the past six months were sales, with no reported purchases.
QUBT has become one of the month's most-watched momentum plays, with analysts divided over whether the breakout reflects sustainable growth or a speculative run-up.
