Quantum Computing (NASDAQ:QUBT) Stock Price Up 2% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was up 2% during trading on Friday . The company traded as high as $7.57 and last traded at $7.08. Approximately 7,827,585 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 16,699,583 shares. The stock had previously closed at $6.94.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a report on Monday.

Quantum Computing Stock Performance

The company's 50 day simple moving average is $6.79 and its 200 day simple moving average is $7.62. The stock has a market cap of $948.36 million, a PE ratio of -23.83 and a beta of 3.00.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the prior year, the business earned ($0.09) EPS.

Insider Buying and Selling

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This trade represents a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 31.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. Virtu Financial LLC raised its position in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock valued at $40,000 after purchasing an additional 47,880 shares during the period. Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $209,000. Diversify Wealth Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $331,000. Finally, SG Americas Securities LLC bought a new position in Quantum Computing in the 4th quarter worth approximately $626,000. Institutional investors 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.