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

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 shot up 1.5% during mid-day trading on Friday . The company traded as high as $16.33 and last traded at $16.00. 4,051,405 shares were traded during mid-day trading, a decline of 83% from the average session volume of 24,475,670 shares. The stock had previously closed at $15.76.

Analyst Upgrades and Downgrades

QUBT has been the subject of a number of analyst reports. Cantor Fitzgerald started coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company. Ascendiant Capital Markets boosted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Up 2.9%

The company has a market cap of $2.59 billion, a price-to-earnings ratio of -33.65 and a beta of 4.09. The company's 50-day moving average is $17.12 and its 200 day moving average is $11.24.

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

Insiders Place Their Bets

In other news, Director Javad Shabani sold 39,973 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares in the company, valued at approximately $2,091,717.60. This represents a 42.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing during the second quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Quantum Computing in the 2nd quarter valued at $29,000. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing during the 4th quarter valued at $30,000. Allworth Financial LP bought a new position in shares of Quantum Computing in the 2nd quarter valued at approximately $42,000. Finally, Compagnie Lombard Odier SCmA raised its stake in shares of Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after purchasing an additional 1,000 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.