Quantum Computing (NASDAQ:QUBT) Shares Up 5.3% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) saw its stock price increase by 5.3% to $19.98 with a total trading volume of over 46 million shares, significantly higher than the average.
• Analysts have mixed ratings on the stock, with a "buy" consensus from two firms and target prices ranging from $15.00 to $24.00.
• Recent insider transactions showed CEO Yuping Huang sold 1 million shares for a total of approximately $14.41 million, reducing his ownership stake by 4.49%.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 5.3% during mid-day trading on Thursday . The stock traded as high as $20.46 and last traded at $19.98. 46,237,957 shares changed hands during trading, an increase of 85% from the average session volume of 24,940,787 shares. The stock had previously closed at $18.97.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Lake Street Capital began coverage on Quantum Computing in a research note on Thursday, September 18th. They set a "buy" rating and a $24.00 price target for the company. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Finally, Ascendiant Capital Markets increased their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $20.33.

Quantum Computing Stock Performance

The stock has a market cap of $3.19 billion, a PE ratio of -29.38 and a beta of 3.86. The stock has a fifty day moving average price of $16.62 and a 200 day moving average price of $13.64.

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

Insider Transactions at Quantum Computing

In other Quantum Computing news, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $14,410,000.00. Following the sale, the chief executive officer directly owned 21,287,718 shares of the company's stock, valued at approximately $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,154,649 shares of company stock valued at $16,805,481. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC acquired a new position in Quantum Computing in the 2nd quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the second quarter worth approximately $29,000. FWL Investment Management LLC purchased a new position in Quantum Computing in the second quarter worth approximately $33,000. Allworth Financial LP purchased a new position in shares of Quantum Computing during the second quarter worth $42,000. Finally, Compagnie Lombard Odier SCmA boosted its position in shares of Quantum Computing by 53.5% during the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 4.26% of the company's stock.

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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