Quantum Computing (NASDAQ:QUBT) Shares Up 2.1% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded up 2.1% during mid-day trading on Friday . The company traded as high as $17.37 and last traded at $17.15. 6,265,423 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 21,944,793 shares. The stock had previously closed at $16.79.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th.

Quantum Computing Stock Performance

The company has a market cap of $2.70 billion, a P/E ratio of -39.94 and a beta of 3.85. The stock has a 50-day moving average of $12.14 and a two-hundred day moving average of $10.53.

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

Insider Transactions at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the transaction, the insider directly owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $2,849,981.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new stake in shares of Quantum Computing during the 4th quarter valued at $1,602,000. Raymond James Financial Inc. purchased a new position in Quantum Computing during the fourth quarter valued at $1,924,000. Farther Finance Advisors LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $33,000. Heck Capital Advisors LLC purchased a new stake in Quantum Computing in the fourth quarter worth about $1,255,000. Finally, Stifel Financial Corp bought a new position in shares of Quantum Computing in the fourth quarter worth about $679,000. 4.26% of the stock is currently owned by institutional investors.

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.