Quantum Computing (NASDAQ:QUBT) Trading Up 13.6% - Should You Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 13.6% during trading on Wednesday . The company traded as high as $6.83 and last traded at $6.75. Approximately 5,380,336 shares were traded during trading, a decline of 68% from the average daily volume of 16,612,497 shares. The stock had previously closed at $5.94.

Quantum Computing Stock Performance

The stock has a market capitalization of $978.56 million, a PE ratio of -24.59 and a beta of 3.00. The stock's 50-day moving average price is $6.80 and its two-hundred day moving average price is $7.53.

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

Insider Buying and Selling at Quantum Computing

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 transaction of $1,696,000.00. Following the completion of the sale, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This trade 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 at the SEC website. 31.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing in the 4th quarter worth about $70,006,000. Vanguard Group Inc. lifted its stake in Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $13,953,000. Finally, Geode Capital Management LLC grew its stake in shares of Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock worth $12,627,000 after acquiring an additional 75,380 shares during the period. 4.26% of the stock is owned by 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.