Quantum Computing (NASDAQ:QUBT - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities researchers at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.
A number of other equities research analysts have also weighed in on QUBT. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Lake Street Capital initiated coverage on Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Finally, Cantor Fitzgerald initiated coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Quantum Computing has an average rating of "Hold" and a consensus price target of $26.33.
Check Out Our Latest Research Report on QUBT
Quantum Computing Stock Performance
NASDAQ:QUBT traded down $0.41 during mid-day trading on Friday, reaching $15.53. The stock had a trading volume of 37,496,928 shares, compared to its average volume of 52,405,360. The firm has a 50 day moving average price of $17.84 and a two-hundred day moving average price of $15.07. The stock has a market capitalization of $3.48 billion, a P/E ratio of -22.84 and a beta of 3.85. Quantum Computing has a one year low of $1.03 and a one year high of $27.15.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.10 million.
Insiders Place Their Bets
In related news, Director Robert B. Fagenson sold 35,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $776,000. This represents a 41.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale can be found here. Insiders have sold 1,154,649 shares of company stock worth $16,805,481 in the last ninety days. Insiders own 19.30% of the company's stock.
Institutional Investors Weigh In On Quantum Computing
Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Cambridge Investment Research Advisors Inc. grew its stake in Quantum Computing by 159.6% in the first 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 period. KBC Group NV purchased a new stake in Quantum Computing in the first quarter worth $41,000. Teacher Retirement System of Texas purchased a new stake in Quantum Computing in the first quarter worth $136,000. Bank of New York Mellon Corp purchased a new stake in Quantum Computing in the first quarter worth $156,000. Finally, Envestnet Asset Management Inc. grew its stake in Quantum Computing by 35.9% in the first quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company's stock worth $348,000 after purchasing an additional 11,489 shares during the period. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(
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.
Further Reading
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