Quantum Computing (NASDAQ:QUBT) Shares Up 1.4% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded up 1.4% on Thursday . The company traded as high as $17.48 and last traded at $16.98. 5,830,745 shares were traded during trading, a decline of 73% from the average session volume of 21,887,954 shares. The stock had previously closed at $16.74.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Ascendiant Capital Markets increased their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Performance

The stock has a market cap of $2.37 billion, a PE ratio of -34.98 and a beta of 3.85. The stock's 50-day moving average is $11.92 and its two-hundred day moving average is $10.41.

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

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the transaction, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Insiders sold 1,059,844 shares of company stock valued at $14,685,149 in the last 90 days. Company insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $30,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. Hollencrest Capital Management acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $41,000. Finally, Signaturefd LLC acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $43,000. 4.26% of the stock is currently 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.