Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 2.2% during mid-day trading on Tuesday . The company traded as low as $19.41 and last traded at $19.44. Approximately 6,806,938 shares changed hands during trading, a decline of 70% from the average daily volume of 22,602,660 shares. The stock had previously closed at $19.88.
Analysts Set New Price Targets
A number of research analysts have issued reports on QUBT shares. Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Ascendiant Capital Markets lifted their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th.
Read Our Latest Research Report on Quantum Computing
Quantum Computing Price Performance
The stock has a 50-day moving average of $13.74 and a 200 day moving average of $10.72. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -41.37 and a beta of 3.96.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.
Insiders Place Their Bets
In related news, Director Michael C. Turmelle sold 200,986 shares of the business'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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the completion of the transaction, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 over the last 90 days. 19.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Quantum Computing
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Quantum Computing in the 2nd quarter valued at $29,000. Tower Research Capital LLC TRC bought a new stake in Quantum Computing in the 4th quarter valued at $30,000. Farther Finance Advisors LLC bought a new stake in Quantum Computing in the 4th quarter valued at $33,000. Hollencrest Capital Management bought a new stake in Quantum Computing in the 4th quarter valued at $41,000. Finally, Signaturefd LLC bought a new stake in Quantum Computing in the 4th quarter valued at $43,000. Institutional investors own 4.26% of the company's stock.
Quantum Computing Company Profile
(
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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