Quantum Computing (NASDAQ:QUBT) Trading Up 3% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) saw its stock price rise by 3% during mid-day trading, reaching a high of $19.68 before closing at $18.97.
• Analysts have mixed views on the stock, with one firm issuing a "strong sell" rating, while others have rated it with a "buy" and a price target as high as $24.00.
• The CEO, Yuping Huang, sold 1,000,000 shares worth over $14 million, which indicates a 4.49% decrease in ownership, highlighting significant insider activity.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price rose 3% during mid-day trading on Wednesday . The company traded as high as $19.68 and last traded at $18.97. Approximately 20,112,167 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 24,818,789 shares. The stock had previously closed at $18.41.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald began coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target for the company. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Finally, Lake Street Capital initiated coverage on Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $20.33.

Quantum Computing Trading Up 3.0%

The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -27.90 and a beta of 3.88. The firm has a 50 day moving average price of $16.59 and a two-hundred day moving average price of $13.60.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the transaction, the chief executive officer directly owned 21,287,718 shares of the company's stock, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Javad Shabani sold 20,000 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $15.30, for a total value of $306,000.00. Following the transaction, the director owned 17,474 shares in the company, valued at approximately $267,352.20. This represents a 53.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of QUBT. Rhumbline Advisers purchased a new stake in shares of Quantum Computing during the first quarter valued at approximately $28,000. Nisa Investment Advisors LLC acquired a new stake in Quantum Computing during the 2nd quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Quantum Computing during the 2nd quarter worth $29,000. Hollencrest Capital Management increased its stake in Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after buying an additional 1,500 shares during the period. Finally, FWL Investment Management LLC acquired a new position in Quantum Computing in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

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.

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