Why Quantum Computing Inc. (QUBT) Soared On Friday
We recently published a list of . In this article, we are going to take a look at where Quantum Computing Inc. (NASDAQ:QUBT) stands against other Friday's best-performing stocks.
Quantum Computing surged by 15.81 percent on Friday to end at $13.70 apiece as investors cheered the company's upgraded rating from an investment firm.
In its market note, Ascendiant Capital Markets maintained its 'buy' recommendation on Quantum Computing Inc.'s (NASDAQ:QUBT) stock, while raising its price target to $22 from $14 previously.
A data analyst pouring over a chart, the intricacies of its lines being revealed.
The new price target represented a 60.6 percent upside from the company's 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.
Revenues, on the other hand, rose by 44 percent to $39,000 from $27,000 in the same period last year.
Overall, QUBTranks 3rd on our list of Friday's best-performing stocks. 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.
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