Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was down 1.8% during mid-day trading on Thursday . The company traded as low as $15.75 and last traded at $15.88. Approximately 5,032,979 shares traded hands during trading, a decline of 80% from the average daily volume of 24,563,432 shares. The stock had previously closed at $16.17.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on QUBT. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Cantor Fitzgerald started coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective on the stock. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.
View Our Latest Report on QUBT
Quantum Computing Stock Performance
The company has a market cap of $2.52 billion, a price-to-earnings ratio of -32.83 and a beta of 4.09. The company's 50 day moving average price is $17.05 and its 200 day moving average price is $11.20.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.18. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million.
Insider Transactions at Quantum Computing
In other Quantum Computing news, CFO Christopher Boehmler sold 46,440 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the transaction, the chief financial officer directly owned 351,152 shares of the company's stock, valued at $7,023,040. This trade represents a 11.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the sale, the insider directly owned 21,236,906 shares in the company, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. Insiders own 19.30% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC purchased a new position in Quantum Computing during the fourth quarter worth about $1,225,000. Vanguard Group Inc. raised 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 buying an additional 1,906,749 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Quantum Computing by 7,016.0% during the 4th quarter. JPMorgan Chase & Co. now owns 11,101 shares of the company's stock valued at $184,000 after purchasing an additional 10,945 shares during the last quarter. Geode Capital Management LLC grew its holdings in Quantum Computing by 11.0% in the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock worth $12,627,000 after acquiring an additional 75,380 shares during the last quarter. Finally, Wells Fargo & Company MN purchased a new stake in Quantum Computing in the fourth quarter worth $365,000. Institutional investors own 4.26% of the company's stock.
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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