Quantum Computing (NASDAQ:QUBT) Trading 1.5% Higher - Should You Buy?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares rose 1.5% in mid-day trading, reaching a high of $16.33, although the trading volume showed an 83% decline from average levels.
• Analysts have mixed opinions on the stock, with Cantor Fitzgerald issuing a "neutral" rating and a $15 target, but Ascendiant Capital Markets boosting their target to $22 with a "buy" rating.
• Insider activity revealed significant share sales, including CFO Christopher Boehmler who sold nearly 97,000 shares for over $1.5 million, indicating that insiders have sold over 1 million shares in the past 90 days.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded up 1.5% on Friday . The company traded as high as $16.33 and last traded at $16.00. 4,051,405 shares were traded during trading, a decline of 83% from the average session volume of 24,475,670 shares. The stock had previously closed at $15.76.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QUBT. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. 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 report on Friday, June 6th. Finally, Cantor Fitzgerald began coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company.

Quantum Computing Stock Performance

The stock's 50-day simple moving average is $17.30 and its 200-day simple moving average is $11.32. The firm has a market capitalization of $2.63 billion, a PE ratio of -34.29 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to analysts' expectations of $0.30 million.

Insider Buying and Selling at Quantum Computing

In related news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Insiders sold 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 corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers bought a new position in Quantum Computing during the 1st quarter valued at about $28,000. Nisa Investment Advisors LLC bought a new position in Quantum Computing during the 2nd quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Quantum Computing during the 2nd quarter valued at about $29,000. Tower Research Capital LLC TRC bought a new position in Quantum Computing during the 4th quarter valued at about $30,000. Finally, Hollencrest Capital Management lifted its stake in Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares during the period. Institutional investors own 4.26% of the company's stock.

About Quantum Computing

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.