Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was up 2.7% during trading on Monday . The stock traded as high as $18.33 and last traded at $17.75. Approximately 8,927,816 shares were traded during trading, a decline of 65% from the average daily volume of 25,805,932 shares. The stock had previously closed at $17.29.
Wall Street Analyst Weigh In
Several research analysts recently commented on QUBT shares. 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. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th.
Read Our Latest Research Report on QUBT
Quantum Computing Stock Up 10.9%
The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -39.94 and a beta of 3.85. The stock's 50 day moving average price is $12.40 and its two-hundred day moving average price is $10.62.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last released 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 firm had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.
Insider Activity
In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction 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 have sold a total of 1,059,844 shares of company stock worth $14,685,149 in the last ninety days. Corporate insiders own 19.30% of the company's stock.
Hedge Funds Weigh In On Quantum Computing
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new position in Quantum Computing during the fourth quarter valued at $1,602,000. Raymond James Financial Inc. purchased a new position in Quantum Computing during the fourth quarter valued at $1,924,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Heck Capital Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $1,255,000. Finally, Stifel Financial Corp purchased a new position in shares of Quantum Computing in the fourth quarter worth about $679,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(
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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.
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