Quantum Computing (NASDAQ:QUBT) Shares Up 2.4% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares rose by 2.4%, closing at $21.32, as trading volume increased significantly to over 43 million shares.
• Analysts have mixed ratings for QUBT, with target prices ranging from $15.00 to $40.00, resulting in an average price target of $26.33.
• CEO Yuping Huang sold 1 million shares recently, but insiders still own 19.30% of the company's stock, indicating significant insider trading activity.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shot up 2.4% on Thursday . The company traded as high as $21.41 and last traded at $21.32. 43,261,441 shares traded hands during trading, an increase of 65% from the average session volume of 26,266,230 shares. The stock had previously closed at $20.82.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on QUBT. Ascendiant Capital Markets lifted their target price on Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Cantor Fitzgerald assumed 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 for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday. Finally, Lake Street Capital assumed 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 for the company. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Quantum Computing has an average rating of "Hold" and an average price target of $26.33.

Quantum Computing Trading Up 2.4%

The business's fifty day simple moving average is $17.34 and its 200 day simple moving average is $14.21. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -31.35 and a beta of 3.85.

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

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares of the company's stock, valued at approximately $306,756,016.38. The trade was a 4.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction on Monday, September 8th. The stock was 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 a total of 1,154,649 shares of company stock worth $16,805,481 over the last quarter. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC acquired a new position in Quantum Computing in the 2nd quarter worth $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Quantum Computing in the 2nd quarter worth $29,000. FWL Investment Management LLC acquired a new position in Quantum Computing in the 2nd quarter worth $33,000. Toth Financial Advisory Corp boosted its stake in Quantum Computing by 100.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company's stock worth $37,000 after purchasing an additional 1,000 shares during the period. Finally, Allworth Financial LP acquired a new position in Quantum Computing in the 2nd quarter worth $42,000. 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.

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