Quantum Computing (NASDAQ:QUBT) Shares Gap Up - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $8.59, but opened at $9.50. Quantum Computing shares last traded at $9.36, with a volume of 5,792,452 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, April 28th.

Quantum Computing Stock Up 39.3%

The stock has a market capitalization of $1.77 billion, a PE ratio of -44.38 and a beta of 3.74. The stock's 50 day moving average price is $7.45 and its 200-day moving average price is $8.28.

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

Insider Activity at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 31.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing in the fourth quarter worth about $70,006,000. Vanguard Group Inc. raised its holdings in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Quantum Computing in the first quarter worth about $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in Quantum Computing in the fourth quarter worth about $13,953,000. 4.26% of the stock is currently owned by institutional investors.

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.