Quantum Computing (NASDAQ:QUBT) Shares Up 12.8% - Time to Buy?

Key Points

• Quantum Computing Inc. (QUBT) shares surged 12.8% on Monday, trading at a high of $21.50, following an increase in trading volume by 63% compared to its average daily activity.
• Analyst ratings on QUBT are mixed, with one upgrade to "buy" from Ascendiant Capital Markets increasing the price target from $22 to $40, while other firms lowered their ratings to "strong sell" and "sell."
• The company reported revenues of $0.06 million for the latest quarter, matching analysts' estimates, but falling short of expected revenues of $0.10 million, sustaining its loss of $0.06 EPS.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares rose 12.8% during trading on Monday . The stock traded as high as $21.50 and last traded at $21.46. Approximately 43,343,126 shares were traded during trading, an increase of 63% from the average daily volume of 26,517,135 shares. The stock had previously closed at $19.02.

Analyst Upgrades and Downgrades

QUBT has been the topic of several analyst reports. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Weiss Ratings restated a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Finally, Lake Street Capital initiated coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They set a "buy" rating and a $24.00 price target on the stock. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Stock Performance

The business's 50 day moving average is $17.43 and its 200-day moving average is $14.37. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of -31.56 and a beta of 3.85.

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

Insider Activity at Quantum Computing

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the stock in a transaction on Monday, August 25th. The shares were 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 the SEC website. Also, Director Javad Shabani sold 17,474 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $15.26, for a total transaction of $266,653.24. The disclosure for this sale can be found here. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 in the last quarter. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Hedge funds have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. lifted its holdings in shares of Quantum Computing by 3.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company's stock worth $404,000 after acquiring an additional 770 shares during the period. Compagnie Lombard Odier SCmA lifted its holdings in shares of Quantum Computing by 53.5% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after acquiring an additional 1,000 shares during the period. Toth Financial Advisory Corp lifted its holdings in shares of Quantum Computing by 100.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company's stock worth $37,000 after acquiring an additional 1,000 shares during the period. CWM LLC lifted its holdings in shares of Quantum Computing by 12.9% during the 2nd quarter. CWM LLC now owns 11,643 shares of the company's stock worth $223,000 after acquiring an additional 1,329 shares during the period. Finally, Nisa Investment Advisors LLC bought a new position in shares of Quantum Computing during the 2nd quarter worth about $28,000. 4.26% of the stock is owned by institutional investors.

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.

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