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

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 $13.31, but opened at $13.98. Quantum Computing shares last traded at $13.21, with a volume of 12,625,732 shares.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Ascendiant Capital Markets upped their price objective 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. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Performance

The company has a market cap of $1.75 billion, a P/E ratio of -42.86 and a beta of 3.74. The company has a fifty day moving average price of $8.33 and a two-hundred day moving average price of $8.92.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data 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 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 other Quantum Computing news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the transaction, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Insiders sold 739,973 shares of company stock valued at $8,012,085 in the last three months. Corporate insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing in the fourth quarter worth about $69,613,000. Anson Funds Management LP purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $70,006,000. Vanguard Group Inc. grew 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 valued at $69,290,000 after buying an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Quantum Computing in the first quarter worth $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $13,953,000. 4.26% of the stock is owned by hedge funds and other 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.