Quantum Computing (NASDAQ:QUBT) Trading Up 4.9% Following Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 4.9% during mid-day 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. 15,837,667 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 19,724,617 shares. The stock had previously closed at $13.70.

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

Insider Activity

In related news, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction on 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. Insiders sold 739,973 shares of company stock valued at $8,012,085 in the last ninety days. Insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently made changes to their positions in the company. Rhumbline Advisers purchased a new stake in Quantum Computing in the 1st quarter worth about $28,000. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management raised its holdings in shares of Quantum Computing by 60.0% in the first 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. IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $33,000. Finally, Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Institutional investors own 4.26% of the company's stock.

Quantum Computing Stock Performance

The stock has a fifty day moving average of $8.84 and a 200-day moving average of $9.39. The company has a market cap of $2.07 billion, a PE ratio of -50.57 and a beta of 3.85.

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

Quantum Computing Company Profile

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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