Quantum Computing (NASDAQ:QUBT) Shares Gap Up - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares opened at $23.22 after gapping up from a previous close of $21.78, with a trading volume of 13,789,152 shares.
• A range of analyst ratings have been issued for QUBT, with targets varying from $15.00 (Cantor Fitzgerald, neutral) to $40.00 (Ascendiant Capital Markets, buy), and a current average price target of $26.33.
• Insiders sold a substantial amount of shares recently, with over 1.15 million shares sold in the last three months, indicating a potential lack of confidence among current management.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $21.78, but opened at $23.22. Quantum Computing shares last traded at $22.42, with a volume of 13,789,152 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. Ascendiant Capital Markets increased their price target 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 reaffirmed a "sell (e+)" rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Lake Street Capital initiated coverage on Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price on the stock. Finally, Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Stock Down 1.7%

The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of -31.27 and a beta of 3.85. The stock has a 50 day moving average of $17.64 and a 200 day moving average of $14.51.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted 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 during 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 firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert B. Fagenson sold 35,000 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 50,000 shares in the company, valued at $776,000. This represents a 41.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QUBT. Wealth Enhancement Advisory Services LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at $166,000. Rhumbline Advisers bought a new position in shares of Quantum Computing in the first quarter valued at $28,000. SG Americas Securities LLC grew its position in Quantum Computing by 65.1% during the 1st quarter. SG Americas Securities LLC now owns 62,430 shares of the company's stock worth $499,000 after purchasing an additional 24,621 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new position in Quantum Computing during the 1st quarter worth approximately $226,000. Finally, Cambridge Investment Research Advisors Inc. grew its position in Quantum Computing by 159.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock worth $270,000 after purchasing an additional 20,731 shares in the last quarter. Institutional investors own 4.26% of the company's stock.

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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