Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) were up 7.1% during mid-day trading on Friday . The company traded as high as $15.52 and last traded at $15.74. Approximately 4,158,384 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 23,893,057 shares. The stock had previously closed at $14.69.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on QUBT shares. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Ascendiant Capital Markets increased 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, Cantor Fitzgerald started coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.50.
Get Our Latest Analysis on Quantum Computing
Quantum Computing Stock Performance
The business has a fifty day simple moving average of $17.44 and a 200 day simple moving average of $11.59. The company has a market cap of $2.53 billion, a P/E ratio of -23.28 and a beta of 4.09.
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 firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.
Insider Buying and Selling
In other Quantum Computing news, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. This trade represents a 42.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 519,871 shares of company stock worth $8,369,064. 19.30% of the stock is currently owned by company insiders.
Institutional Trading of Quantum Computing
Hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing in the 4th quarter valued at approximately $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing in the 4th quarter valued at approximately $70,006,000. Geode Capital Management LLC increased its position in Quantum Computing by 116.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after acquiring an additional 1,416,928 shares during the period. Penserra Capital Management LLC acquired a new stake in Quantum Computing in the 2nd quarter valued at approximately $19,543,000. Finally, Vanguard Group Inc. increased its position in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after acquiring an additional 1,004,675 shares during the period. Institutional investors own 4.26% of the company's stock.
About Quantum Computing
(
Get Free Report)
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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