Short Interest in Quantum Computing Inc. (NASDAQ:QUBT) Increases By 21.7%

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was the target of a large increase in short interest in May. As of May 15th, there was short interest totalling 26,220,000 shares, an increase of 21.7% from the April 30th total of 21,540,000 shares. Based on an average daily volume of 20,110,000 shares, the short-interest ratio is presently 1.3 days. Currently, 23.1% of the shares of the stock are short sold.

Insiders Place Their Bets

In related news, Director Javad Shabani sold 39,973 shares of the 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 739,973 shares of company stock valued at $8,012,085 in the last 90 days. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of QUBT. Rhumbline Advisers purchased a new stake in shares of Quantum Computing in the 1st quarter valued at approximately $28,000. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the fourth quarter valued at $30,000. Hollencrest Capital Management boosted its stake in shares of Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares during the last quarter. IFP Advisors Inc purchased a new position in Quantum Computing during the fourth quarter worth about $33,000. Finally, Archer Investment Corp purchased a new position in shares of Quantum Computing in the 4th quarter worth about $33,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Price Performance

QUBT stock traded up $0.43 during mid-day trading on Wednesday, reaching $12.83. The company had a trading volume of 12,926,389 shares, compared to its average volume of 19,456,028. The firm has a 50 day moving average of $8.55 and a 200 day moving average of $9.15. The company has a market capitalization of $1.81 billion, a PE ratio of -44.24 and a beta of 3.74. Quantum Computing has a 12 month low of $0.35 and a 12 month high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued 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 for the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the business posted ($0.09) EPS.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, April 28th.

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.