Quantum Computing (NASDAQ:QUBT) Shares Up 1.5% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded up 1.5% during mid-day trading on Tuesday . The company traded as high as $12.84 and last traded at $12.01. 27,894,258 shares traded hands during mid-day trading, an increase of 55% from the average session volume of 18,019,344 shares. The stock had previously closed at $11.83.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday.

Quantum Computing Stock Up 10.3%

The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -45.90 and a beta of 3.74. The stock has a 50 day moving average of $7.94 and a 200 day moving average of $8.60.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued 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 period last year, the firm posted ($0.09) EPS.

Insiders Place Their Bets

In related news, Director Javad Shabani sold 39,973 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the transaction, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 739,973 shares of company stock valued at $8,012,085 over the last 90 days. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing in the fourth quarter worth $70,006,000. Vanguard Group Inc. increased its position in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after buying an additional 1,906,749 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing in the first quarter valued at $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing during the fourth quarter valued at $13,953,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.