Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.6% - Here's What Happened

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

Analyst Upgrades and Downgrades

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

Quantum Computing Trading Up 0.4%

The firm has a market cap of $2.92 billion, a P/E ratio of -43.21 and a beta of 3.96. The business's 50-day moving average is $12.94 and its two-hundred day moving average is $10.74.

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

Insider Buying and Selling

In other news, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total transaction of $928,800.00. Following the completion of the transaction, the chief financial officer owned 351,152 shares of the company's stock, valued at approximately $7,023,040. The trade was a 11.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. 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 three months. Corporate insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently bought and sold shares of QUBT. Rhumbline Advisers acquired a new position in Quantum Computing during the 1st quarter valued at about $28,000. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management raised its holdings in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares in the last quarter. IFP Advisors Inc acquired a new stake in Quantum Computing in the fourth quarter worth approximately $33,000. Finally, Farther Finance Advisors LLC acquired a new position in shares of Quantum Computing during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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.