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

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares surged after Ascendiant Capital Markets increased their price target from $22.00 to $40.00, leading to a gap up in share price from $19.98 to $21.75.
• The company recorded a 27.3% increase in stock price, trading last at $23.92 with a significant volume of 37,828,842 shares.
• Insiders have been actively selling shares, with CEO Yuping Huang selling 1,000,000 shares worth $14.41 per share, reducing his ownership by 4.49%.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares gapped up prior to trading on Friday after Ascendiant Capital Markets raised their price target on the stock from $22.00 to $40.00. The stock had previously closed at $19.98, but opened at $21.75. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing shares last traded at $23.92, with a volume of 37,828,842 shares traded.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They issued a "buy" rating and a $24.00 price target on the stock. Finally, Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.33.

Insider Buying and Selling

In related news, Director Robert B. Fagenson sold 35,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $15.52, for a total transaction of $543,200.00. Following the completion of the sale, the director directly owned 50,000 shares of the company's stock, valued at approximately $776,000. This trade represents a 41.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Yuping Huang sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer directly owned 21,287,718 shares of the company's stock, valued at $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,154,649 shares of company stock worth $16,805,481 over the last three months. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

A number of large investors have recently bought and sold shares of the company. J.W. Cole Advisors Inc. increased its position in Quantum Computing by 3.8% in the second quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company's stock worth $404,000 after buying an additional 770 shares during the last quarter. Compagnie Lombard Odier SCmA grew its position in shares of Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after purchasing an additional 1,000 shares in the last quarter. CWM LLC grew its position in shares of Quantum Computing by 12.9% in the second quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after purchasing an additional 1,329 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing in the second quarter valued at $28,000. Finally, Hollencrest Capital Management grew its position in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after purchasing an additional 1,500 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Stock Up 27.3%

The company has a market capitalization of $4.07 billion, a PE ratio of -36.24 and a beta of 3.85. The company has a 50-day moving average price of $16.68 and a two-hundred day moving average price of $13.72.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.10 million.

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.

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