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

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.83, but opened at $12.74. Quantum Computing shares last traded at $11.76, with a volume of 12,301,999 shares.

Wall Street Analyst Weigh In

QUBT has been the subject of a number of analyst reports. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday.

Quantum Computing Price Performance

The business has a 50 day moving average of $7.94 and a 200 day moving average of $8.60. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -45.90 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted 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 business had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.20 million. During the same period last year, the firm posted ($0.09) earnings per share.

Insider Buying and Selling at Quantum Computing

In other news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction dated 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 owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 739,973 shares of company stock valued at $8,012,085. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

A number of institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock valued at $2,610,000 after purchasing an additional 2,280 shares in the last quarter. PharVision Advisers LLC bought a new stake in shares of Quantum Computing in the first quarter valued at about $171,000. Millennium Management LLC lifted its holdings in shares of Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company's stock valued at $5,212,000 after purchasing an additional 483,940 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Quantum Computing in the first quarter valued at about $7,084,000. Finally, Royal Bank of Canada lifted its holdings in shares of Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company's stock valued at $430,000 after purchasing an additional 19,527 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors.

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.