Quantum Computing (NASDAQ:QUBT) Stock Price Up 5.5% - Still a Buy?

Key Points

• Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose by 5.5% during mid-day trading, reaching as high as $17.14 before closing at $16.46.
• Analyst ratings show a positive shift, with Wall Street Zen upgrading the stock from a "strong sell" to a "hold," while Ascendiant Capital Markets raised their price target from $14.00 to $22.00 with a "buy" rating.
• Insiders have sold over 1 million shares in recent months, indicating a potential decrease in their ownership and confidence amidst a 30% decline in trading volume compared to the average.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 5.5% during mid-day trading on Tuesday . The company traded as high as $17.14 and last traded at $16.46. Approximately 17,144,762 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 24,666,451 shares. The stock had previously closed at $15.60.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target on the stock.

Quantum Computing Stock Performance

The company's 50 day simple moving average is $17.12 and its two-hundred day simple moving average is $11.24. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -33.19 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million.

Insider Activity at Quantum Computing

In other news, Director Michael C. Turmelle sold 200,986 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 represents a 42.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 in the last ninety days. 19.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Quantum Computing by 159.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after buying an additional 20,731 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Quantum Computing during the fourth quarter worth approximately $1,924,000. Heck Capital Advisors LLC bought a new stake in Quantum Computing during the fourth quarter worth approximately $1,255,000. Teacher Retirement System of Texas bought a new stake in Quantum Computing during the first quarter worth approximately $136,000. Finally, Stifel Financial Corp bought a new stake in Quantum Computing during the fourth quarter worth approximately $679,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.