Quantum Computing (NASDAQ:QUBT) Shares Up 7.2% - Here's What Happened

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares surged 7.2% during midday trading, reaching a high of $17.25 after closing at $15.89.
• The company has received mixed ratings from analysts, with a "buy" rating and target price increases, while others have downgraded the stock to "strong sell."
• Recent insider trading saw significant stock sales, including a total of 1,054,649 shares sold by insiders over the last ninety days.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares shot up 7.2% during mid-day trading on Friday . The company traded as high as $17.25 and last traded at $17.03. 5,160,856 shares traded hands 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 have recently issued reports on QUBT. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Finally, Ascendiant Capital Markets lifted their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $18.50.

Quantum Computing Price Performance

The firm has a fifty day moving average of $16.46 and a two-hundred day moving average of $12.32. The stock has a market capitalization of $2.66 billion, a P/E ratio of -24.22 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Insiders Place Their Bets

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the business's 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Javad Shabani sold 20,000 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $15.30, for a total transaction of $306,000.00. Following the completion of the transaction, the director owned 17,474 shares of the company's stock, valued at $267,352.20. This represents a 53.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,054,649 shares of company stock worth $15,249,381. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Quantum Computing by 159.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after acquiring an additional 20,731 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Quantum Computing during the first quarter valued at about $798,000. Heck Capital Advisors LLC acquired a new position in shares of Quantum Computing during the fourth quarter valued at about $1,255,000. Teacher Retirement System of Texas acquired a new position in shares of Quantum Computing during the first quarter valued at about $136,000. Finally, Vanguard Group Inc. increased its holdings in shares of 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 acquiring an additional 1,004,675 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors.

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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