Quantum Computing (NASDAQ:QUBT) Trading Up 10.8% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded up 10.8% during mid-day trading on Thursday . The company traded as high as $11.63 and last traded at $11.68. 13,635,378 shares changed hands during trading, a decline of 25% from the average session volume of 18,258,437 shares. The stock had previously closed at $10.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on QUBT shares. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday.

Quantum Computing Stock Up 14.4%

The stock has a fifty day simple moving average of $7.76 and a 200-day simple moving average of $8.45. The company has a market capitalization of $1.70 billion, a P/E ratio of -41.96 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.20 million. During the same quarter last year, the company earned ($0.09) earnings per share.

Insider Buying and Selling

In other news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 739,973 shares of company stock worth $8,012,085 over the last three months. 19.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after acquiring an additional 1,004,675 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the fourth quarter worth about $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing in the fourth quarter valued at approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Quantum Computing during the 1st quarter worth $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $13,953,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.