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

Quantum Computing (NASDAQ:QUBT - Get Free Report) had its price objective lifted by analysts at Ascendiant Capital Markets from $14.00 to $22.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Ascendiant Capital Markets' price target points to a potential upside of 53.42% from the stock's previous close.

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

Quantum Computing Trading Up 4.7%

Shares of NASDAQ QUBT traded up $0.64 during trading on Friday, reaching $14.34. 35,550,919 shares of the company traded hands, compared to its average volume of 19,787,924. Quantum Computing has a 12-month low of $0.35 and a 12-month high of $27.15. The firm's fifty day simple moving average is $8.97 and its 200 day simple moving average is $9.45. The stock has a market cap of $2.02 billion, a P/E ratio of -49.45 and a beta of 3.85.

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

Insider Buying and Selling

In other news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the business'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 transaction, the insider now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 739,973 shares of company stock worth $8,012,085. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in Quantum Computing in the fourth quarter valued at approximately $786,000. Archer Investment Corp acquired a new position in Quantum Computing in the fourth quarter valued at $33,000. Focus Financial Network Inc. acquired a new position in Quantum Computing in the fourth quarter valued at $1,536,000. Essex Financial Services Inc. acquired a new position in Quantum Computing in the fourth quarter valued at $174,000. Finally, UNICOM Systems Inc. acquired a new position in Quantum Computing in the fourth quarter valued at $5,707,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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.