Quantum Computing (NASDAQ:QUBT) Trading Up 1.6% - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares were up 1.6% on Wednesday . The stock traded as high as $19.79 and last traded at $18.94. Approximately 14,565,277 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 22,350,911 shares. The stock had previously closed at $18.64.

Analyst Ratings Changes

Several equities research analysts have weighed in on QUBT shares. Cantor Fitzgerald started coverage on shares of Quantum Computing in a research report on Wednesday. They issued a "neutral" rating and a $15.00 price objective for the company. Ascendiant Capital Markets raised 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. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Quantum Computing Trading Up 0.4%

The company has a market cap of $2.92 billion, a P/E ratio of -43.21 and a beta of 3.96. The firm's 50 day moving average price is $13.49 and its 200-day moving average price is $10.84.

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

Insider Activity

In related news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of Quantum Computing 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 transaction, the chief financial officer directly owned 131,060 shares in the company, valued at $2,091,717.60. The trade was a 42.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,059,844 shares of company stock worth $14,685,149 over the last quarter. 19.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after acquiring an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in Quantum Computing in the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing in the fourth quarter valued at approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Quantum Computing in the first quarter valued at approximately $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in Quantum Computing in the fourth quarter valued at approximately $13,953,000. 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.