Ascendiant Capital Markets Forecasts Strong Price Appreciation for Quantum Computing (NASDAQ:QUBT) Stock

Quantum Computing (NASDAQ:QUBT - Get Free Report) had its price target increased by equities research analysts at Ascendiant Capital Markets from $14.00 to $22.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Ascendiant Capital Markets' price objective would indicate a potential upside of 60.58% from the company's previous close.

Separately, Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Stock Performance

Shares of Quantum Computing stock traded up $1.87 during trading on Friday, hitting $13.70. 35,430,648 shares of the stock traded hands, compared to its average volume of 19,650,020. The stock has a market cap of $1.93 billion, a P/E ratio of -47.24 and a beta of 3.74. The company has a fifty day moving average price of $8.84 and a two-hundred day moving average price of $9.32. Quantum Computing has a twelve month low of $0.35 and a twelve month high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Insider Activity at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the sale, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 739,973 shares of company stock valued at $8,012,085. Corporate insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the 4th quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing in the 4th quarter valued at $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Quantum Computing in the 1st quarter valued at $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in Quantum Computing during the fourth quarter worth about $13,953,000. 4.26% of the stock is owned by institutional investors.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.