Quantum Computing (NASDAQ:QUBT) Trading 2.3% Higher - Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was up 2.3% on Wednesday . The company traded as high as $18.46 and last traded at $18.08. Approximately 8,024,515 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 23,012,810 shares. The stock had previously closed at $17.67.

Analysts Set New Price Targets

QUBT has been the topic of several research analyst reports. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald started coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company.

Quantum Computing Stock Down 1.3%

The stock has a 50-day moving average of $15.79 and a 200 day moving average of $10.84. The stock has a market cap of $3.08 billion, a PE ratio of -40.64 and a beta of 3.96.

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

Insiders Place Their Bets

In related news, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,059,844 shares of company stock valued at $14,685,149. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently modified their holdings of the business. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing in the 4th quarter valued at about $69,613,000. Anson Funds Management LP acquired a new position in shares of Quantum Computing in the 4th quarter valued at $70,006,000. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after buying an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing during the first quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter worth approximately $13,953,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

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.