Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shot up 7.2% on Friday . The company traded as high as $17.25 and last traded at $17.03. 5,160,856 shares were traded during trading, a decline of 78% from the average session volume of 23,230,744 shares. The stock had previously closed at $15.89.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on QUBT. Ascendiant Capital Markets upped their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald assumed coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Finally, Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.50.
View Our Latest Report on Quantum Computing
Quantum Computing Stock Down 4.2%
The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -23.70 and a beta of 3.88. The company has a 50 day simple moving average of $16.32 and a 200 day simple moving average of $12.55.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.
Insiders Place Their Bets
In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was 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 directly owned 21,287,718 shares in the company, valued at $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale can be found here. Insiders sold 1,054,649 shares of company stock worth $15,249,381 over the last three months. 19.30% of the stock is owned by insiders.
Institutional Investors Weigh In On Quantum Computing
A number of large investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its stake in shares of Quantum Computing by 166.2% in the second quarter. Osaic Holdings Inc. now owns 125,607 shares of the company's stock valued at $2,408,000 after buying an additional 78,424 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Quantum Computing by 37.3% in the second quarter. Squarepoint Ops LLC now owns 38,447 shares of the company's stock valued at $737,000 after buying an additional 10,447 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Quantum Computing by 142.9% in the second quarter. Newbridge Financial Services Group Inc. now owns 3,959 shares of the company's stock valued at $76,000 after buying an additional 2,329 shares in the last quarter. Marex Group plc acquired a new stake in shares of Quantum Computing in the second quarter valued at about $6,759,000. Finally, Hollencrest Capital Management grew its stake in shares of Quantum Computing by 56.3% in the second quarter. Hollencrest Capital Management now owns 6,250 shares of the company's stock valued at $120,000 after buying an additional 2,250 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company's stock.
About Quantum Computing
(
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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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