Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 2.1% on Friday . The stock traded as high as $17.37 and last traded at $17.15. Approximately 6,265,423 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 21,944,793 shares. The stock had previously closed at $16.79.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on QUBT shares. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.
Get Our Latest Report on Quantum Computing
Quantum Computing Stock Up 5.8%
The firm has a market capitalization of $2.50 billion, a P/E ratio of -37.16 and a beta of 3.85. The company's 50 day moving average is $11.92 and its 200-day moving average is $10.41.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share 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 analyst estimates of $0.30 million.
Insiders Place Their Bets
In related news, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the sale, the insider now owns 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were 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. Over the last quarter, insiders have sold 1,059,844 shares of company stock worth $14,685,149. Corporate insiders own 19.30% of the company's stock.
Institutional Trading of Quantum Computing
Institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers purchased a new position in shares of Quantum Computing during the first quarter valued at approximately $28,000. Tower Research Capital LLC TRC bought a new position in Quantum Computing during the 4th quarter valued at $30,000. Hollencrest Capital Management grew its stake in shares of Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after acquiring an additional 1,500 shares in the last quarter. IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the fourth quarter valued at about $33,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the fourth quarter valued at about $33,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(
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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.
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