Quantum Computing Target of Unusually Large Options Trading (NASDAQ:QUBT)

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) experienced a significant surge in options trading, with investors purchasing 137,034 call options, reflecting a 132% increase over typical trading volume.
• The stock price of Quantum Computing rose by $4.65 to reach $23.00 during midday trading on Friday, with a trading volume of over 81 million shares.
• Insider selling activity has been notable, with CEO Yuping Huang selling 1 million shares valued at over $14 million, resulting in a 4.49% decrease in their ownership stake.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was the target of some unusual options trading on Friday. Traders acquired 137,034 call options on the company. This is an increase of approximately 132% compared to the average daily volume of 59,084 call options.

Quantum Computing Trading Down 13.1%

QUBT stock traded down $3.06 during midday trading on Monday, hitting $20.21. The company had a trading volume of 80,464,804 shares, compared to its average volume of 24,308,486. Quantum Computing has a 52 week low of $0.64 and a 52 week high of $27.15. The stock's 50 day moving average price is $16.37 and its 200 day moving average price is $13.04. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -29.72 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling

In other Quantum Computing news, Director Robert B. Fagenson sold 35,000 shares of Quantum Computing stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $15.52, for a total transaction of $543,200.00. Following the completion of the transaction, the director owned 50,000 shares of the company's stock, valued at $776,000. The trade was a 41.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the transaction, the chief executive officer directly owned 21,287,718 shares of the company's stock, valued at $306,756,016.38. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,154,649 shares of company stock worth $16,805,481 over the last quarter. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after acquiring an additional 1,004,675 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after acquiring an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC bought a new position in shares of Quantum Computing during the second quarter valued at approximately $19,543,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Quantum Computing by 13.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,000,144 shares of the company's stock valued at $19,146,000 after acquiring an additional 115,284 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Quantum Computing during the second quarter valued at approximately $16,035,000. Institutional investors own 4.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on QUBT shares. Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Lake Street Capital began coverage on Quantum Computing in a report on Thursday. They set a "buy" rating and a $24.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Quantum Computing presently has an average rating of "Moderate Buy" and a consensus price target of $20.33.

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.