Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) were up 1.5% during trading on Tuesday . The company traded as high as $12.37 and last traded at $11.98. Approximately 6,319,155 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 19,295,522 shares. The stock had previously closed at $11.80.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on QUBT shares. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets upped their price objective on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, April 28th.
Check Out Our Latest Research Report on Quantum Computing
Quantum Computing Price Performance
The stock has a market capitalization of $1.81 billion, a P/E ratio of -44.24 and a beta of 3.74. The stock's 50-day simple moving average is $8.64 and its 200 day simple moving average is $9.18.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period in the prior year, the firm posted ($0.09) earnings per share.
Insider Buying and Selling
In related news, insider Yuping Huang sold 500,000 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 739,973 shares of company stock valued at $8,012,085. 19.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Quantum Computing
Institutional investors and hedge funds have recently bought and sold shares of the company. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing during the fourth quarter worth $70,006,000. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after purchasing an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing in the 1st quarter valued at $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Quantum Computing in the 4th quarter valued at $13,953,000. Institutional investors own 4.26% of the company's stock.
Quantum Computing Company Profile
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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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