Shares in Quantum Computing Inc. (QUBT) stock have declined by over 50% in the past month, as concerns about its valuation intensify. The company’s upcoming Q3 2025 earnings could change that, although it’s a steep mountain to climb. Analysts on Wall Street remain optimistic that QUBT shares will rebound, with some eyeing a rally of as much as 100% following the earnings report.

Lake Street analyst Max Michaelis recently reaffirmed his Buy rating on QUBT, predicting over 100% upside from current levels. September, Michaelis initiated his coverage on QUBT stock with a Buy and a price target of $24. He believes the stock is a “compelling way to participate in the rapidly growing market of quantum computing.” In addition, Michaelis also noted that the quantum industry is still in its early stages and has room to grow. He forecasts Quantum Computing Inc (QUBT) to play a pivotal role in the industry’s growth, which could play well into stock bets.

For Q3, analysts expect the company to report an EPS of -$0.06, up from -$0.26 in the previous quarter. Meanwhile, revenue is expected to reach $117K, up from $61K reported in Q2 2025. Looking back at its last quarter performance, QUBT reported $61K in Q2 revenue, down YoY, but improved gross margin to 43%.

Furthermore, Quantum Computing’s valuation metrics reveal a challenging scenario. The company has a price-to-sales ratio of 4,981.63, which is significantly higher than typical industry standards, indicating potential overvaluation. The price-to-book ratio is 4.01, suggesting that QUBT stock is trading at a premium relative to its book value. Analyst sentiment is cautious, with most suggesting to hold the stock rather than buy in or sell off. Lake Street remains the most bullish on QUBT amongst those analysts.