Quantum Computing (NASDAQ:QUBT - Free Report) had its price objective raised by Ascendiant Capital Markets from $8.50 to $14.00 in a research note published on Monday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.
Quantum Computing Stock Performance
Shares of QUBT traded up $0.99 on Monday, reaching $8.01. The stock had a trading volume of 13,761,744 shares, compared to its average volume of 16,930,518. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -27.62 and a beta of 3.74. The company has a 50-day simple moving average of $6.78 and a 200-day simple moving average of $7.71. Quantum Computing has a 12-month low of $0.35 and a 12-month high of $27.15.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the firm posted ($0.09) EPS.
Insider Buying and Selling
In other news, insider Yuping Huang sold 200,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 31.10% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Quantum Computing
A number of hedge funds have recently bought and sold shares of QUBT. Rhumbline Advisers purchased a new position in Quantum Computing in the first quarter worth about $28,000. Tower Research Capital LLC TRC bought a new position in Quantum Computing in the 4th quarter valued at approximately $30,000. Archer Investment Corp purchased a new stake in Quantum Computing during the 4th quarter valued at $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing in the 4th quarter worth $33,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the fourth quarter valued at $33,000. Institutional investors 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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