Quantum Computing (NASDAQ:QUBT) Trading 11.4% Higher - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was up 11.4% during mid-day trading on Thursday . The company traded as high as $7.26 and last traded at $7.10. Approximately 6,144,713 shares were traded during trading, a decline of 63% from the average daily volume of 16,652,306 shares. The stock had previously closed at $6.37.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Monday.

Quantum Computing Price Performance

The stock has a market cap of $978.56 million, a price-to-earnings ratio of -24.59 and a beta of 3.00. The company's 50-day simple moving average is $6.80 and its 200-day simple moving average is $7.58.

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

Insiders Place Their Bets

In related news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the transaction, the insider now owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. This trade represents a 0.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 31.10% of the company's stock.

Institutional Trading of Quantum Computing

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock valued at $449,000 after purchasing an additional 65,486 shares during the period. Virtu Financial LLC boosted its position in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock valued at $40,000 after purchasing an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. purchased a new position in Quantum Computing in the fourth quarter valued at about $209,000. Diversify Wealth Management LLC acquired a new position in Quantum Computing in the 4th quarter worth about $331,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $626,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.