Quantum Computing (NASDAQ:QUBT) Trading 4.4% Higher - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares rose by 4.4% to close at $15.99, although trading volume decreased significantly by 81% compared to its average.
• Wall Street analysts have given mixed ratings for the stock, with forecasts ranging from a "strong sell" to a "buy" with a price target increase from $14.00 to $22.00.
• Insider trading activity has seen significant sales, with the CFO and a director selling over 519,000 shares recently, prompting concerns over insider confidence in the company's performance.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded up 4.4% on Monday . The company traded as high as $15.90 and last traded at $15.99. 4,685,238 shares traded hands during trading, a decline of 81% from the average session volume of 24,176,006 shares. The stock had previously closed at $15.32.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday. Cantor Fitzgerald assumed coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective on the stock. Finally, Ascendiant Capital Markets upped their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th.

Quantum Computing Stock Performance

The company has a market capitalization of $2.58 billion, a P/E ratio of -23.80 and a beta of 4.09. The firm has a 50 day moving average price of $17.55 and a two-hundred day moving average price of $11.48.

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

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total value of $1,542,996.84. Following the transaction, the chief financial officer directly owned 131,060 shares in the company, valued at approximately $2,091,717.60. This trade represents a 42.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. Insiders sold a total of 519,871 shares of company stock worth $8,369,064 over the last quarter. Corporate insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after purchasing an additional 1,004,675 shares during the period. Anson Funds Management LP acquired a new position in Quantum Computing during the fourth quarter valued at approximately $70,006,000. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the 4th quarter worth $69,613,000. Geode Capital Management LLC raised its stake in Quantum Computing by 116.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock worth $50,433,000 after buying an additional 1,416,928 shares during the period. Finally, Penserra Capital Management LLC acquired a new stake in Quantum Computing during the 2nd quarter worth $19,543,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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.

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