Quantum Computing (NASDAQ:QUBT) Shares Up 4.9% - Time to Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shot up 4.9% on Monday . The stock traded as high as $18.32 and last traded at $18.28. 6,246,971 shares traded hands during trading, a decline of 73% from the average session volume of 22,899,184 shares. The stock had previously closed at $17.43.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QUBT. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Finally, Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Stock Up 8.7%

The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -39.46 and a beta of 3.96. The company's 50-day moving average price is $14.67 and its 200-day moving average price is $10.74.

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

Insider Buying and Selling at Quantum Computing

In related news, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction that occurred on 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 owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 351,152 shares in the company, valued at approximately $7,023,040. This trade represents a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,059,844 shares of company stock worth $14,685,149 over the last ninety days. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Hedge funds have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Quantum Computing in the second quarter valued at approximately $29,000. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the fourth quarter valued at approximately $30,000. Farther Finance Advisors LLC purchased a new position in Quantum Computing in the fourth quarter valued at approximately $33,000. Signaturefd LLC purchased a new position in Quantum Computing in the fourth quarter valued at approximately $43,000. Finally, Tucker Asset Management LLC purchased a new position in Quantum Computing in the fourth quarter valued at approximately $50,000. 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.