Quantum Computing (NASDAQ:QUBT) Shares Gap Up - Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $19.09, but opened at $20.10. Quantum Computing shares last traded at $19.11, with a volume of 9,883,181 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on QUBT shares. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Price Performance

The firm has a 50 day moving average of $11.08 and a 200-day moving average of $10.18. The stock has a market capitalization of $2.47 billion, a P/E ratio of -36.46 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.18. The firm had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million.

Insider Activity

In other Quantum Computing news, CFO Christopher Boehmler sold 92,271 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $15.00, for a total value of $1,384,065.00. Following the sale, the chief financial officer now directly owns 227,739 shares in the company, valued at $3,416,085. This represents a 28.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing 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 transaction, the insider now directly owns 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,259,844 shares of company stock worth $16,381,149. 19.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the fourth quarter worth approximately $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing in the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. lifted its holdings in Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after buying an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing during the 1st quarter worth $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in Quantum Computing in the 4th quarter valued at $13,953,000. 4.26% of the stock is 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.