Quantum Computing (NASDAQ:QUBT) Trading Up 12.3% on Analyst Upgrade

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shot up 12.3% on Friday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $13.85 and last traded at $13.29. 17,165,425 shares were traded during trading, a decline of 12% from the average session volume of 19,508,307 shares. The stock had previously closed at $11.83.

Separately, Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Insider Buying and Selling

In related news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value 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 over the last quarter. 19.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. UNICOM Systems Inc. acquired a new position in Quantum Computing in the fourth quarter valued at approximately $5,707,000. SBI Securities Co. Ltd. purchased a new stake in shares of Quantum Computing during the fourth quarter worth approximately $1,602,000. Raymond James Financial Inc. purchased a new stake in Quantum Computing in the 4th quarter valued at $1,924,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing in the 4th quarter valued at $33,000. Finally, Heck Capital Advisors LLC purchased a new stake in Quantum Computing in the 4th quarter valued at $1,255,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Trading Up 4.7%

The company has a fifty day simple moving average of $8.97 and a 200-day simple moving average of $9.45. The company has a market capitalization of $2.02 billion, a PE ratio of -49.45 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results 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 business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the prior year, the firm posted ($0.09) EPS.

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.