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

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded up 12.3% during mid-day trading 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 changed hands during mid-day 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 upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Insider Activity

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 739,973 shares of company stock worth $8,012,085 over the last quarter. 19.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently made changes to their positions in QUBT. Janney Montgomery Scott LLC bought a new position in Quantum Computing during the 4th quarter valued at $786,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing in the fourth quarter valued at about $33,000. Focus Financial Network Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at about $1,536,000. Essex Financial Services Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at about $174,000. Finally, UNICOM Systems Inc. purchased a new position in Quantum Computing during the fourth quarter worth about $5,707,000. 4.26% of the stock is owned by institutional investors.

Quantum Computing Trading Up 15.8%

The firm has a market capitalization of $1.93 billion, a P/E ratio of -47.24 and a beta of 3.74. The stock's 50-day simple moving average is $8.84 and its 200-day simple moving average is $9.32.

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

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.