Quantum Computing (NASDAQ:QUBT) Trading Up 9% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares rose 9% during mid-day trading on Friday . The company traded as high as $7.68 and last traded at $7.66. Approximately 5,293,187 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 16,834,805 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their price target on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, April 28th.

Quantum Computing Trading Down 0.5 %

The firm has a market cap of $966.89 million, a price-to-earnings ratio of -24.26 and a beta of 3.74. The stock's 50 day moving average is $6.81 and its 200 day moving average is $7.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, March 20th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter last year, the firm earned ($0.09) earnings per share.

Insider Transactions at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. The trade was a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 31.10% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock valued at $449,000 after acquiring an additional 65,486 shares during the period. Virtu Financial LLC lifted its holdings in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock worth $40,000 after acquiring an additional 47,880 shares during the period. Sovereign Financial Group Inc. bought a new position in Quantum Computing in the fourth quarter valued at approximately $209,000. Diversify Wealth Management LLC bought a new stake in Quantum Computing during the fourth quarter worth $331,000. Finally, SG Americas Securities LLC bought a new position in shares of Quantum Computing in the 4th quarter valued at $626,000. Institutional investors 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.