Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares fell 5.4% on Wednesday . The company traded as low as $20.22 and last traded at $20.82. 51,909,454 shares traded hands during trading, an increase of 98% from the average session volume of 26,181,539 shares. The stock had previously closed at $22.01.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a research report on Wednesday. Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Lake Street Capital began coverage on shares of Quantum Computing in a report on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $26.33.
Get Our Latest Analysis on Quantum Computing
Quantum Computing Price Performance
The business has a 50 day simple moving average of $17.09 and a 200 day simple moving average of $14.07. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of -30.62 and a beta of 3.85.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting analysts' consensus estimates of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.
Insider Buying and Selling at Quantum Computing
In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert B. Fagenson sold 5,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The disclosure for this sale can be found here. Insiders sold a total of 1,154,649 shares of company stock worth $16,805,481 over the last ninety days. Company insiders own 19.30% of the company's stock.
Institutional Trading of Quantum Computing
Several hedge funds have recently modified their holdings of QUBT. Vanguard Group Inc. raised its position in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after purchasing an additional 1,004,675 shares in the last quarter. Geode Capital Management LLC raised its holdings in Quantum Computing by 116.8% in the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after acquiring an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in Quantum Computing in the second quarter valued at approximately $19,543,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Quantum Computing by 13.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,000,144 shares of the company's stock valued at $19,146,000 after acquiring an additional 115,284 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at $16,035,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.
About Quantum Computing
(
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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