Quantum Computing (NASDAQ:QUBT) Trading Up 13.8% - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded up 13.8% during trading on Tuesday . The stock traded as high as $17.59 and last traded at $16.32. 36,109,323 shares changed 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 equities research analysts recently commented on the company. Ascendiant Capital Markets boosted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report 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 company has a market cap of $2.67 billion, a P/E ratio of -65.41 and a beta of 3.85. The company has a fifty day simple moving average of $9.12 and a 200-day simple moving average of $9.49.

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

Insiders Place Their Bets

In other news, Director Javad Shabani sold 39,973 shares of the business'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 legal filing with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the business'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 transaction, the insider now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 739,973 shares of company stock worth $8,012,085. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management increased its position in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after buying an additional 1,500 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in Quantum Computing during the fourth quarter worth $30,000. IFP Advisors Inc acquired a new position in Quantum Computing during the fourth quarter worth $33,000. Farther Finance Advisors LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $33,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock valued at $2,610,000 after acquiring an additional 2,280 shares during the period. 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.