Quantum Computing (NASDAQ:QUBT) Trading 26.8% Higher - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 26.8% during mid-day trading on Wednesday . The company traded as high as $20.91 and last traded at $19.18. 71,068,221 shares changed hands during trading, an increase of 251% from the average session volume of 20,272,999 shares. The stock had previously closed at $15.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on QUBT shares. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets increased their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th.

Quantum Computing Stock Down 4.7%

The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -57.52 and a beta of 3.85. The company has a 50-day moving average price of $9.79 and a 200-day moving average price of $9.69.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced 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 business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other news, CFO Christopher Boehmler sold 83,495 shares of Quantum Computing stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $19.92, for a total transaction of $1,663,220.40. Following the transaction, the chief financial officer now directly owns 47,565 shares in the company, valued at approximately $947,494.80. This trade represents a 63.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction 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 owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. This trade represents a 0.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,213,404 shares of company stock valued at $15,452,349. Company insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of QUBT. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $30,000. IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the fourth quarter valued at $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the fourth quarter worth $33,000. Hollencrest Capital Management acquired a new stake in shares of Quantum Computing in the fourth quarter worth $41,000. Finally, Signaturefd LLC purchased a new position in shares of Quantum Computing during the fourth quarter valued at $43,000. 4.26% of the stock is owned by institutional investors and hedge funds.

About Quantum Computing

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.