Quantum Computing (NASDAQ:QUBT) Trading 12.7% Higher - Here's Why

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

Analysts Set New Price Targets

A number of research firms have commented on QUBT. Ascendiant Capital Markets boosted their price target on shares of 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 raised shares of 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 market cap of $2.69 billion, a PE ratio of -39.77 and a beta of 3.85. The stock's 50 day simple moving average is $10.84 and its 200 day simple moving average is $10.05.

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

Insider Activity at Quantum Computing

In other Quantum Computing news, CFO Christopher Boehmler sold 46,440 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the completion of the transaction, the chief financial officer now directly owns 351,152 shares in the company, valued at approximately $7,023,040. This represents a 11.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction 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 completion of the transaction, the insider now owns 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 disclosure for this sale can be found here. Insiders sold 1,259,844 shares of company stock worth $16,381,149 in the last three months. 19.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management raised its holdings in Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing in the 4th quarter worth about $30,000. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing in the 4th quarter worth about $33,000. IFP Advisors Inc bought a new position in shares of Quantum Computing in the 4th quarter worth about $33,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock worth $2,610,000 after acquiring an additional 2,280 shares in the last quarter. 4.26% of the stock is currently owned by 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.