Quantum Computing (QUBT) Expected to Announce Quarterly Earnings on Thursday

Key Points

• Quantum Computing is set to announce its quarterly earnings on Thursday, August 14th, with analysts predicting earnings of ($0.06) per share and revenue of $0.10 million.
• The company's shares have decreased by 1.1%, trading at $16.28, with a market cap of $2.60 billion and a price-to-earnings ratio of -33.85.
• Recent analyst reports saw Wall Street Zen upgrade the stock from "strong sell" to "hold," while Ascendiant Capital Markets raised their price target from $14.00 to $22.00 with a "buy" rating.

Quantum Computing (NASDAQ:QUBT - Get Free Report) is projected to announce its earnings results after the market closes on Thursday, August 14th. Analysts expect the company to announce earnings of ($0.06) per share and revenue of $0.10 million for the quarter.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.18. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million.

Quantum Computing Stock Down 1.1%

Shares of Quantum Computing stock traded down $0.19 during trading on Tuesday, hitting $16.28. 7,882,120 shares of the stock traded hands, compared to its average volume of 24,352,805. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of -33.85 and a beta of 4.09. The firm's fifty day moving average is $17.30 and its 200-day moving average is $11.32. Quantum Computing has a 52 week low of $0.57 and a 52 week high of $27.15.

Analyst Upgrades and Downgrades

QUBT has been the topic of a number of analyst reports. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company. Finally, Ascendiant Capital Markets increased their price target 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.

Insider Activity at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The stock was 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 directly owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently modified their holdings of QUBT. Millennium Management LLC increased its position in Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company's stock worth $5,212,000 after purchasing an additional 483,940 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock worth $2,610,000 after purchasing an additional 2,280 shares during the last quarter. JPMorgan Chase & Co. increased its position in Quantum Computing by 12,826.8% in the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company's stock worth $1,046,000 after purchasing an additional 54,129 shares during the last quarter. Royal Bank of Canada increased its position in Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company's stock valued at $430,000 after acquiring an additional 19,527 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in Quantum Computing during the first quarter valued at $28,000. Institutional investors own 4.26% of the company's stock.

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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