Quantum Computing (NASDAQ:QUBT - Get Free Report) announced its earnings results on Thursday. The company reported ($0.06) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.06), Zacks reports.
Quantum Computing Stock Down 3.9%
QUBT stock traded down $0.63 during midday trading on Thursday, reaching $15.38. The stock had a trading volume of 20,078,800 shares, compared to its average volume of 16,532,806. The business has a fifty day simple moving average of $17.52 and a two-hundred day simple moving average of $11.42. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -32.04 and a beta of 4.09. Quantum Computing has a twelve month low of $0.58 and a twelve month high of $27.15.
Insider Transactions at Quantum Computing
In related news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. Insiders have sold 1,059,844 shares of company stock valued at $14,685,149 in the last three months. Company insiders own 19.30% of the company's stock.
Hedge Funds Weigh In On Quantum Computing
Institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. lifted its stake in Quantum Computing by 8.9% in the 2nd quarter. Raymond James Financial Inc. now owns 137,488 shares of the company's stock valued at $2,636,000 after acquiring an additional 11,245 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock valued at $2,610,000 after acquiring an additional 2,280 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Quantum Computing by 296.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,095 shares of the company's stock valued at $1,229,000 after acquiring an additional 47,943 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Quantum Computing by 12,826.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company's stock valued at $1,046,000 after acquiring an additional 54,129 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Quantum Computing in the 2nd quarter valued at approximately $700,000. Institutional investors own 4.26% of the company's stock.
Analyst Ratings Changes
A number of analysts have recently weighed in on QUBT shares. Cantor Fitzgerald started coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.
Read Our Latest Research Report on Quantum Computing
Quantum Computing Company Profile
(
Get Free Report)
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.
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