Quantum Computing (NASDAQ:QUBT) Stock Price Up 4.8% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) saw its stock price increase by 4.8%, closing at $15.43 after reaching a high of $15.79 during trading on Thursday.
• Analysts have set new price targets for QUBT, with Ascendiant Capital Markets raising theirs from $14.00 to $22.00 and giving the stock a "buy" rating.
• Insider selling has been significant, with CFO Christopher Boehmler selling 46,440 shares, reflecting a 11.68% decrease in his ownership stake in the company.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 4.8% during trading on Thursday . The company traded as high as $15.79 and last traded at $15.43. Approximately 5,981,161 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 24,833,209 shares. The stock had previously closed at $14.73.

Analyst Ratings Changes

QUBT has been the subject of a number of research reports. Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald initiated coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Finally, Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Quantum Computing Stock Down 1.0%

The stock has a 50 day simple moving average of $16.83 and a 200 day simple moving average of $11.04. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -30.57 and a beta of 3.96.

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

Insiders Place Their Bets

In other news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $466,085.18. The disclosure for this sale can be found here. In the last three months, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

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