Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) were up 3.6% during trading on Monday . The company traded as high as $15.59 and last traded at $15.33. Approximately 4,746,010 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 24,674,070 shares. The stock had previously closed at $14.80.
Analysts Set New Price Targets
A number of equities analysts have commented on QUBT shares. Ascendiant Capital Markets boosted their price objective 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. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective on the stock. Finally, 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.
Read Our Latest Analysis on Quantum Computing
Quantum Computing Price Performance
The stock has a market capitalization of $2.46 billion, a P/E ratio of -31.96 and a beta of 4.09. The stock's fifty day moving average is $16.86 and its two-hundred day moving average is $11.09.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results 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 business had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million.
Insider Activity at Quantum Computing
In other 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Christopher Boehmler sold 46,440 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $928,800.00. Following the transaction, the chief financial officer owned 351,152 shares in the company, valued at approximately $7,023,040. This trade represents a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,059,844 shares of company stock worth $14,685,149 in the last quarter. 19.30% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its position in Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock worth $270,000 after purchasing an additional 20,731 shares during the last quarter. Raymond James Financial Inc. bought a new position in Quantum Computing during the 4th quarter valued at about $1,924,000. Heck Capital Advisors LLC bought a new position in Quantum Computing during the 4th quarter valued at about $1,255,000. Teacher Retirement System of Texas bought a new position in shares of Quantum Computing in the first quarter worth about $136,000. Finally, Stifel Financial Corp acquired a new stake in shares of Quantum Computing in the fourth quarter valued at approximately $679,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.
Quantum Computing Company Profile
(
Get Free Report)
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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