Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.6% - Should You Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) were up 1.6% on Wednesday . The company traded as high as $17.25 and last traded at $17.09. Approximately 4,849,393 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 23,429,253 shares. The stock had previously closed at $16.81.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald assumed coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target for the company. Finally, Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th.

Quantum Computing Trading Down 1.4%

The company's 50-day simple moving average is $16.45 and its 200 day simple moving average is $10.87. The stock has a market cap of $2.64 billion, a P/E ratio of -34.81 and a beta of 3.96.

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

Insider Activity at Quantum Computing

In related news, Director Michael C. Turmelle sold 200,986 shares of Quantum Computing stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider directly owned 21,236,906 shares in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,059,844 shares of company stock worth $14,685,149. Company insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently modified their holdings of the stock. CWM LLC raised its holdings in Quantum Computing by 12.9% during the 2nd quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after acquiring an additional 1,329 shares during the period. Sovereign Financial Group Inc. bought a new stake in Quantum Computing during the 2nd quarter valued at $225,000. Concurrent Investment Advisors LLC bought a new stake in Quantum Computing during the 2nd quarter valued at $1,003,000. SLT Holdings LLC increased its holdings in shares of Quantum Computing by 111.5% in the second quarter. SLT Holdings LLC now owns 69,250 shares of the company's stock worth $1,328,000 after purchasing an additional 36,500 shares during the period. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of Quantum Computing by 20.9% in the second quarter. KLP Kapitalforvaltning AS now owns 27,200 shares of the company's stock worth $521,000 after purchasing an additional 4,700 shares during the period. Institutional investors 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.