Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded up 26.8% during trading on Friday . The stock traded as high as $23.98 and last traded at $23.27. 98,091,176 shares changed hands during mid-day trading, an increase of 309% from the average session volume of 23,988,568 shares. The stock had previously closed at $18.35.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the company. Ascendiant Capital Markets boosted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Cantor Fitzgerald assumed coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Finally, Lake Street Capital assumed coverage on Quantum Computing in a report on Thursday. They issued a "buy" rating and a $24.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.
Check Out Our Latest Stock Report on Quantum Computing
Quantum Computing Stock Performance
The firm has a market cap of $3.72 billion, a PE ratio of -34.22 and a beta of 3.88. The firm has a fifty day simple moving average of $16.35 and a two-hundred day simple moving average of $12.88.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.
Insider Buying and Selling
In other news, CRO Pouya Dianat sold 17,175 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert B. Fagenson sold 5,000 shares of the firm's stock in a transaction that occurred on 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. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 over the last quarter. Company insiders own 19.30% of the company's stock.
Institutional Investors Weigh In On Quantum Computing
Several hedge funds and other institutional investors have recently modified their holdings of the business. Osaic Holdings Inc. raised its holdings in shares of Quantum Computing by 166.2% in the second quarter. Osaic Holdings Inc. now owns 125,607 shares of the company's stock worth $2,408,000 after buying an additional 78,424 shares during the period. Squarepoint Ops LLC increased its holdings in Quantum Computing by 37.3% during the 2nd quarter. Squarepoint Ops LLC now owns 38,447 shares of the company's stock worth $737,000 after purchasing an additional 10,447 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in Quantum Computing by 142.9% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,959 shares of the company's stock worth $76,000 after purchasing an additional 2,329 shares during the period. Marex Group plc purchased a new position in Quantum Computing during the 2nd quarter worth $6,759,000. Finally, Hollencrest Capital Management increased its holdings in Quantum Computing by 56.3% during the 2nd quarter. Hollencrest Capital Management now owns 6,250 shares of the company's stock worth $120,000 after purchasing an additional 2,250 shares during the period. 4.26% of the stock is currently owned by hedge funds and other institutional investors.
About Quantum Computing
(
Get Free Report)
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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