Quantum Computing (NASDAQ:QUBT) Trading 23.2% Higher on Analyst Upgrade

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares increased by 23.2% after Ascendiant Capital Markets raised their price target from $22.00 to $40.00, maintaining a buy rating on the stock.
• The stock experienced a trading volume surge of 364%, with approximately 117.9 million shares traded, compared to an average daily volume of about 25.4 million shares.
• In related insider activity, CEO Yuping Huang sold 1,000,000 shares at an average price of $14.41, impacting his ownership by a 4.49% decrease, while institutional investors have been gradually increasing their stakes in the company.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 23.2% on Friday after Ascendiant Capital Markets raised their price target on the stock from $22.00 to $40.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $25.84 and last traded at $24.62. Approximately 117,954,458 shares were traded during trading, an increase of 364% from the average daily volume of 25,434,123 shares. The stock had previously closed at $19.98.

QUBT has been the topic of several other research reports. Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Lake Street Capital assumed coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They set a "buy" rating and a $24.00 target price on the stock. Finally, Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Quantum Computing has an average rating of "Moderate Buy" and an average price target of $26.33.

Insider Buying and Selling

In related news, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares in the company, valued at approximately $306,756,016.38. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert B. Fagenson sold 5,000 shares of Quantum Computing stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $16.88, for a total value of $84,400.00. 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. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after acquiring an additional 20,731 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Quantum Computing during the 1st quarter worth $798,000. Teacher Retirement System of Texas bought a new position in Quantum Computing during the 1st quarter worth $136,000. Vanguard Group Inc. grew its stake in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after buying an additional 1,004,675 shares during the last quarter. Finally, Swiss National Bank bought a new position in Quantum Computing during the 1st quarter worth $1,806,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Stock Performance

The stock has a market capitalization of $3.94 billion, a P/E ratio of -36.21 and a beta of 3.85. The stock has a 50 day moving average of $16.68 and a 200 day moving average of $13.72.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

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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