Quantum Computing (NASDAQ:QUBT) Sees Unusually-High Trading Volume - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares saw strong trading volume on Tuesday . 22,705,524 shares were traded during trading, an increase of 15% from the previous session's volume of 19,823,817 shares.The stock last traded at $16.71 and had previously closed at $14.34.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Stock Performance

The firm has a market cap of $2.35 billion, a P/E ratio of -57.52 and a beta of 3.85. The stock's 50 day simple moving average is $9.79 and its 200 day simple moving average is $9.69.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) 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 analyst estimates of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher Boehmler sold 92,271 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $15.00, for a total transaction of $1,384,065.00. Following the completion of the sale, the chief financial officer now directly owns 227,739 shares of the company's stock, valued at $3,416,085. The trade was a 28.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,213,404 shares of company stock worth $15,452,349. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $69,613,000. Anson Funds Management LP bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $70,006,000. Vanguard Group Inc. grew its position in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing during the 1st quarter valued at approximately $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $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.