Quantum Computing (NASDAQ:QUBT) Trading 7% Higher - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded up 7% during mid-day trading on Monday . The stock traded as high as $9.56 and last traded at $9.20. 10,190,375 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 17,200,635 shares. The stock had previously closed at $8.59.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their price objective on Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Monday, April 28th.

Quantum Computing Price Performance

The firm has a market cap of $1.25 billion, a PE ratio of -31.38 and a beta of 3.74. The business has a 50-day moving average price of $6.96 and a two-hundred day moving average price of $8.03.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period in the previous year, the business earned ($0.09) earnings per share.

Insider Activity

In other news, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 31.10% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing in the 4th quarter worth about $30,000. IFP Advisors Inc purchased a new stake in Quantum Computing during the 4th quarter worth $33,000. Farther Finance Advisors LLC acquired a new stake in Quantum Computing in the 4th quarter valued at $33,000. Archer Investment Corp purchased a new position in Quantum Computing in the fourth quarter valued at about $33,000. Finally, Hollencrest Capital Management acquired a new position in shares of Quantum Computing during the fourth quarter worth about $41,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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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