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

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares opened at $21.01 after a gap up from the previous close of $20.21, currently trading at $20.25 with significant volume.
• Wall Street analysts have mixed ratings on the stock, with some lowering its rating to "strong sell," while others set price targets between $15.00 and $24.00, resulting in a consensus rating of "Moderate Buy."
• Recent insider transactions have seen executives sell shares, with over 1.15 million shares sold in the past three months, while institutional ownership stands at 4.26% of the stock.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $20.21, but opened at $21.01. Quantum Computing shares last traded at $20.25, with a volume of 10,789,217 shares traded.

Wall Street Analyst Weigh In

QUBT has been the topic of several research reports. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Ascendiant Capital Markets raised their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Finally, Lake Street Capital began coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Quantum Computing currently has a consensus rating of "Moderate Buy" and an average target price of $20.33.

Quantum Computing Price Performance

The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -29.97 and a beta of 3.88. The firm has a fifty day simple moving average of $16.37 and a two-hundred day simple moving average of $13.04.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting analysts' consensus estimates of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Javad Shabani sold 17,474 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $15.26, for a total value of $266,653.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its position in shares of Quantum Computing by 159.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after buying an additional 20,731 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Quantum Computing in the first quarter valued at approximately $798,000. Teacher Retirement System of Texas purchased a new stake in shares of Quantum Computing in the first quarter valued at approximately $136,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after buying an additional 1,004,675 shares in the last quarter. Finally, Swiss National Bank purchased a new stake in shares of Quantum Computing in the first quarter valued at approximately $1,806,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.

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