Quantum Computing (NASDAQ:QUBT) Trading Up 13.8% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shot up 13.8% during mid-day trading on Tuesday . The company traded as high as $17.59 and last traded at $16.32. 36,109,323 shares traded hands during trading, an increase of 82% from the average session volume of 19,869,475 shares. The stock had previously closed at $14.34.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on QUBT shares. Ascendiant Capital Markets increased their price target on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Price Performance

The stock has a market capitalization of $2.35 billion, a P/E ratio of -57.52 and a beta of 3.85. The company's 50-day simple moving average is $9.58 and its 200-day simple moving average is $9.62.

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

Insider Buying and Selling

In other news, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher Boehmler sold 83,495 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $19.92, for a total transaction of $1,663,220.40. Following the completion of the transaction, the chief financial officer now directly owns 47,565 shares in the company, valued at $947,494.80. This trade represents a 63.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,213,404 shares of company stock valued at $15,452,349 over the last 90 days. 19.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new stake in Quantum Computing in the fourth quarter worth $1,602,000. Raymond James Financial Inc. bought a new stake in Quantum Computing in the 4th quarter valued at about $1,924,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing during the fourth quarter valued at about $33,000. Heck Capital Advisors LLC purchased a new position in Quantum Computing in the 4th quarter valued at approximately $1,255,000. Finally, Stifel Financial Corp purchased a new position in shares of Quantum Computing in the fourth quarter valued at $679,000. 4.26% of the stock is owned by hedge funds and other 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.