Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.5% - Still a Buy?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) experienced a 1.5% increase in stock price, trading last at $15.04 after reaching a high of $15.39, although it saw a significant drop in trading volume.
• Wall Street analysts have mixed ratings on QUBT, with one firm raising its target price to $22.00, while another downgraded it to a "strong sell", resulting in a consensus rating of "Moderate Buy" with an average price target of $18.50.
• Recent insider trades indicate a decline in holdings by executives, with over 519,871 shares sold in the last ninety days, highlighting some bearish sentiment among company insiders.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 1.5% on Thursday . The stock traded as high as $15.39 and last traded at $15.04. 5,382,722 shares were traded during mid-day trading, a decline of 77% from the average session volume of 23,669,984 shares. The stock had previously closed at $14.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on QUBT shares. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Finally, Cantor Fitzgerald initiated coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Quantum Computing has a consensus rating of "Moderate Buy" and an average price target of $18.50.

Quantum Computing Stock Performance

The stock has a market cap of $2.57 billion, a PE ratio of -23.47 and a beta of 4.09. The firm has a 50-day moving average price of $17.12 and a 200-day moving average price of $11.75.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting 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 related news, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the transaction, the chief financial officer owned 131,060 shares in the company, valued at $2,091,717.60. This trade represents a 42.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 519,871 shares of company stock worth $8,369,064. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC grew its stake in shares of Quantum Computing by 37.3% during the 2nd quarter. Squarepoint Ops LLC now owns 38,447 shares of the company's stock valued at $737,000 after acquiring an additional 10,447 shares during the period. Newbridge Financial Services Group Inc. raised its position in shares of Quantum Computing by 142.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,959 shares of the company's stock valued at $76,000 after purchasing an additional 2,329 shares during the period. Marex Group plc purchased a new position in shares of Quantum Computing during the 2nd quarter valued at $6,759,000. Hollencrest Capital Management boosted its holdings in Quantum Computing by 56.3% in the 2nd quarter. Hollencrest Capital Management now owns 6,250 shares of the company's stock worth $120,000 after buying an additional 2,250 shares during the period. Finally, FORA Capital LLC purchased a new stake in Quantum Computing in the 2nd quarter worth $292,000. 4.26% of the stock is 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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