Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.5% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares were up 1.5% on Tuesday . The company traded as high as $12.37 and last traded at $11.98. Approximately 6,319,155 shares traded hands during trading, a decline of 67% from the average daily volume of 19,295,522 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

Several research analysts recently issued reports on QUBT shares. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Trading Up 15.8%

The firm's 50 day moving average is $8.72 and its two-hundred day moving average is $9.24. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -47.24 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the prior year, the firm posted ($0.09) EPS.

Insiders Place Their Bets

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated 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 completion of the sale, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were 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. Insiders have sold a total of 739,973 shares of company stock valued at $8,012,085 over the last quarter. Company insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in Quantum Computing in the 1st quarter worth $28,000. GK Wealth Management LLC acquired a new position in shares of Quantum Computing in the first quarter worth about $88,000. Intrua Financial LLC purchased a new position in Quantum Computing in the first quarter valued at about $385,000. Goldman Sachs Group Inc. grew its stake in Quantum Computing by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock valued at $2,610,000 after purchasing an additional 2,280 shares in the last quarter. Finally, PharVision Advisers LLC acquired a new stake in Quantum Computing during the 1st quarter valued at approximately $171,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.