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

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) 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

QUBT has been the subject of several research reports. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a report 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 Price Performance

The business has a fifty day moving average of $8.33 and a 200-day moving average of $8.92. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -39.17 and a beta of 3.74.

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

Insiders Place Their Bets

In related news, Director Javad Shabani sold 39,973 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yuping Huang sold 200,000 shares of the business's 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 sale, the insider now owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. The trade was a 0.82% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC purchased a new position in Quantum Computing during the 4th quarter worth approximately $30,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the fourth quarter worth $33,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing during the fourth quarter valued at $33,000. Archer Investment Corp purchased a new position in shares of Quantum Computing during the fourth quarter valued at $33,000. Finally, Hollencrest Capital Management acquired a new position in Quantum Computing during the fourth quarter valued at $41,000. Hedge funds and other 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.