Quantum Computing (NASDAQ:QUBT) Shares Gap Up After 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 traded.

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

Insider Transactions at Quantum Computing

In other news, insider Yuping Huang sold 500,000 shares of the 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 completion of the sale, the insider now directly owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Insiders have sold 739,973 shares of company stock valued at $8,012,085 in the last three months. 19.30% of the stock is currently owned by company insiders.

Institutional Trading of Quantum Computing

Several institutional investors have recently made changes to their positions in QUBT. UNICOM Systems Inc. purchased a new position in Quantum Computing during the fourth quarter valued at $5,707,000. SBI Securities Co. Ltd. purchased a new position in Quantum Computing during the fourth quarter worth $1,602,000. Raymond James Financial Inc. bought a new position in Quantum Computing during the fourth quarter valued at $1,924,000. Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing in the fourth quarter valued at $33,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of Quantum Computing during the 4th quarter worth about $1,255,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Stock Up 2.3%

The company's 50 day simple moving average is $8.84 and its 200-day simple moving average is $9.39. The firm has a market cap of $1.97 billion, a P/E ratio of -48.23 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the firm posted ($0.09) EPS.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.