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

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares 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 changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on QUBT. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research note on Monday, April 28th.

Quantum Computing Stock Down 1.6%

The firm has a market capitalization of $1.80 billion, a PE ratio of -44.10 and a beta of 3.74. The stock has a 50-day simple moving average of $8.26 and a 200-day simple moving average of $8.85.

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

Insiders Place Their Bets

In other news, Director Javad Shabani sold 39,973 shares of Quantum Computing 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuping Huang sold 200,000 shares of the 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 directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 739,973 shares of company stock worth $8,012,085 over the last quarter. 19.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $30,000. IFP Advisors Inc bought a new stake in Quantum Computing during the 4th quarter worth approximately $33,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing in the 4th quarter worth approximately $33,000. Archer Investment Corp purchased a new stake in Quantum Computing in the 4th quarter worth approximately $33,000. Finally, Hollencrest Capital Management bought a new position in Quantum Computing in the 4th 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.