Quantum Computing (NASDAQ:QUBT) Shares Up 3.6% - Here's What Happened

Key Points

• Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 3.6% during recent trading, closing at $15.33.
• Analysts have set new price targets for QUBT, with Ascendiant Capital Markets raising its target to $22.00 and maintaining a "buy" rating.
• Insider trading activity included significant share sales by directors, with over 1 million shares sold in the last quarter, totaling approximately $14.7 million.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded up 3.6% during trading on Monday . The company traded as high as $15.59 and last traded at $15.33. 4,746,010 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 24,674,070 shares. The stock had previously closed at $14.80.

Analyst Ratings Changes

Several research firms recently issued reports on QUBT. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald assumed 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. Finally, Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Price Performance

The business has a fifty day moving average price of $17.05 and a two-hundred day moving average price of $11.20. The firm has a market cap of $2.55 billion, a PE ratio of -33.32 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping 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 Buying and Selling

In other 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 value of $5,850,000.00. Following the completion of the transaction, the insider owned 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were 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. Over the last three months, insiders sold 1,059,844 shares of company stock worth $14,685,149. Corporate insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. LPL Financial LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at about $1,225,000. Vanguard Group Inc. increased its holdings in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares during the period. JPMorgan Chase & Co. raised its position in shares of Quantum Computing by 7,016.0% in the fourth quarter. JPMorgan Chase & Co. now owns 11,101 shares of the company's stock worth $184,000 after buying an additional 10,945 shares in the last quarter. Geode Capital Management LLC grew its position in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock worth $12,627,000 after buying an additional 75,380 shares in the last quarter. Finally, Wells Fargo & Company MN bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $365,000. Institutional investors and hedge funds 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.