Quantum Computing (NASDAQ:QUBT) Trading 12.7% Higher - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares were up 12.7% on Monday . The stock traded as high as $19.47 and last traded at $18.80. Approximately 21,203,610 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 20,988,762 shares. The stock had previously closed at $16.68.

Analyst Upgrades and Downgrades

QUBT has been the subject of several analyst reports. Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. 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 Performance

The firm has a 50 day simple moving average of $9.79 and a 200 day simple moving average of $9.73. The firm has a market cap of $2.96 billion, a P/E ratio of -72.03 and a beta of 3.85.

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

Insider Activity

In related 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 transaction of $5,850,000.00. Following the transaction, the insider now directly owns 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Christopher Boehmler sold 92,271 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $15.00, for a total value of $1,384,065.00. Following the transaction, the chief financial officer now directly owns 227,739 shares in the company, valued at approximately $3,416,085. This represents a 28.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,213,404 shares of company stock worth $15,452,349. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Quantum Computing by 24.0% in the 1st 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 during the period. Alyeska Investment Group L.P. purchased a new position in Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing in the 4th quarter worth approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Quantum Computing in the 1st quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new position in Quantum Computing in the 4th quarter worth approximately $13,953,000. 4.26% of the stock is owned by hedge funds and other 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.

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