Quantum Computing (NASDAQ:QUBT) Trading 4.9% Higher on Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was up 4.9% during trading on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $15.02 and last traded at $14.37. Approximately 15,837,667 shares were traded during trading, a decline of 20% from the average daily volume of 19,724,617 shares. The stock had previously closed at $13.70.

Separately, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Insider Activity at Quantum Computing

In related news, CFO Christopher Boehmler sold 83,495 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $19.92, for a total value of $1,663,220.40. Following the completion of the sale, the chief financial officer now directly owns 47,565 shares in the company, valued at approximately $947,494.80. This represents a 63.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction dated Monday, May 19th. The stock was 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. In the last 90 days, insiders have sold 1,213,404 shares of company stock worth $15,452,349. 19.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Quantum Computing

Several large investors have recently bought and sold shares of the company. Focus Financial Network Inc. acquired a new position in shares of Quantum Computing during the fourth quarter worth $1,536,000. Essex Financial Services Inc. purchased a new stake in Quantum Computing during the 4th quarter worth $174,000. SRH Advisors LLC acquired a new position in Quantum Computing in the 4th quarter worth $69,000. Capital Advisors Inc. OK purchased a new position in Quantum Computing in the 4th quarter valued at about $166,000. Finally, IFP Advisors Inc purchased a new position in Quantum Computing in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Stock Down 7.7%

The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -60.38 and a beta of 3.85. The firm has a 50 day moving average price of $9.58 and a two-hundred day moving average price of $9.62.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.20 million. During the same period in the previous year, the business posted ($0.09) EPS.

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.