Quantum Computing (NASDAQ:QUBT) Trading Up 2.3% - Here's What Happened

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

Analyst Ratings Changes

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

Quantum Computing Price Performance

The business's 50-day moving average price is $15.34 and its two-hundred day moving average price is $10.85. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -38.33 and a beta of 3.96.

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

Insider Activity at Quantum Computing

In related news, insider Yuping Huang sold 500,000 shares of the company'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 transaction of $5,850,000.00. Following the completion of the transaction, the insider owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is currently owned by company insiders.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers acquired a new position in Quantum Computing during the 1st quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Quantum Computing in the second quarter worth about $29,000. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $30,000. Hollencrest Capital Management lifted its position in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $33,000. 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.