Quantum Computing (NASDAQ:QUBT) Shares Gap Up Following Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) gapped up before the market opened on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $13.70, but opened at $14.76. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing shares last traded at $14.07, with a volume of 11,907,453 shares trading hands.

Separately, Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Insider Activity at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the transaction, the insider now owns 21,236,906 shares in the company, valued at $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,213,404 shares of company stock valued at $15,452,349. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Focus Financial Network Inc. acquired a new position in shares of Quantum Computing in the fourth quarter valued at $1,536,000. Essex Financial Services Inc. acquired a new stake in shares of Quantum Computing during the 4th quarter worth $174,000. SRH Advisors LLC bought a new stake in shares of Quantum Computing during the fourth quarter worth $69,000. Capital Advisors Inc. OK bought a new stake in Quantum Computing in the fourth quarter valued at approximately $166,000. Finally, IFP Advisors Inc acquired a new position in shares of Quantum Computing during the 4th quarter valued at $33,000. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Stock Performance

The business has a fifty day moving average of $9.37 and a 200-day moving average of $9.55. The company has a market capitalization of $2.47 billion, a P/E ratio of -60.38 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.20 million. During the same period in the prior year, the firm earned ($0.09) EPS.

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.