Quantum Computing (NASDAQ:QUBT) Trading 5% Higher - Time to Buy?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares rose by 5%, reaching a last traded price of $17.71, with a notable trading volume increase of 46%.
• Analyst ratings vary, with one firm downgrading the stock to "strong sell", while another raised its target price to $22.00, giving it a "buy" rating.
• Insider activity included CEO Yuping Huang selling 1 million shares, representing a 4.49% decrease in ownership, amidst a backdrop of significant insider selling totaling over $16 million in three months.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded up 5% during trading on Wednesday . The company traded as high as $18.02 and last traded at $17.71. 34,216,343 shares changed hands during trading, an increase of 46% from the average session volume of 23,458,256 shares. The stock had previously closed at $16.87.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Lake Street Capital assumed coverage on shares of Quantum Computing in a research note on Thursday. They set a "buy" rating and a $24.00 price target for the company. Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target for the company. Finally, Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Quantum Computing has a consensus rating of "Moderate Buy" and an average price target of $20.33.

Quantum Computing Stock Performance

The stock has a market cap of $3.72 billion, a P/E ratio of -34.22 and a beta of 3.88. The firm's 50 day moving average is $16.35 and its 200 day moving average is $12.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Activity

In related news, CRO Pouya Dianat sold 17,175 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert B. Fagenson sold 35,000 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $15.52, for a total transaction of $543,200.00. Following the transaction, the director owned 50,000 shares of the company's stock, valued at approximately $776,000. This trade represents a 41.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,154,649 shares of company stock worth $16,805,481. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of QUBT. Rhumbline Advisers acquired a new position in Quantum Computing during the 1st quarter valued at approximately $28,000. Nisa Investment Advisors LLC acquired a new position in Quantum Computing during the 2nd quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Quantum Computing during the 2nd quarter valued at approximately $29,000. Hollencrest Capital Management increased its stake in Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after purchasing an additional 1,500 shares in the last quarter. Finally, FWL Investment Management LLC acquired a new position in Quantum Computing during the 2nd quarter valued at approximately $33,000. 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.