Quantum Computing (NASDAQ:QUBT) Shares Up 5.9% - Should You Buy?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares increased by 5.9%, reaching $21.41 after trading as high as $22.24, amidst a significant volume spike of 105% from average trading sessions.
• Analysts have mixed ratings for QUBT, with a consensus rating of "Moderate Buy" and a target price averaging around $20.33; notable ratings include a "buy" from Lake Street Capital at $24.00 and a downgrade to "strong sell" from Wall Street Zen.
• Insider sales have been reported, including the CRO and a director, with a total of approximately 1,154,649 shares sold over the last ninety days, which raises questions about insider confidence in the stock's future performance.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares shot up 5.9% during mid-day trading on Tuesday . The company traded as high as $22.24 and last traded at $21.41. 50,085,910 shares traded hands during mid-day trading, an increase of 105% from the average session volume of 24,452,244 shares. The stock had previously closed at $20.21.

Analysts Set New Price Targets

Several brokerages recently weighed in on QUBT. Cantor Fitzgerald started coverage on Quantum Computing in a 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 issued a "buy" rating and a $24.00 target price for the company. Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Quantum Computing currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Quantum Computing Stock Performance

The firm has a market cap of $3.42 billion, a P/E ratio of -31.48 and a beta of 3.88. The stock has a fifty day simple moving average of $16.37 and a 200 day simple moving average of $13.04.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $0.10 million.

Insider Transactions at Quantum Computing

In related news, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $266,653.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is currently owned by insiders.

Institutional Trading of Quantum Computing

Several hedge funds have recently bought and sold shares of QUBT. Geode Capital Management LLC grew its holdings in Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after purchasing an additional 1,416,928 shares during the period. Penserra Capital Management LLC bought a new stake in Quantum Computing during the second quarter valued at about $19,543,000. Vanguard Group Inc. grew its holdings in Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after purchasing an additional 1,004,675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing during the first quarter valued at about $7,084,000. Finally, Invesco Ltd. bought a new stake in Quantum Computing during the second quarter valued at about $16,035,000. Institutional investors own 4.26% of the company's stock.

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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