Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume After Earnings Beat

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-strong trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 26,371,458 shares were traded during mid-day trading, an increase of 25% from the previous session’s volume of 21,083,545 shares.The stock last traded at $11.94 and had previously closed at $9.24.

The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their target price on Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a report on Monday, April 28th.

Insider Transactions at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company’s stock, valued at approximately $203,954,650.88. This represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 31.10% of the stock is currently owned by insiders.

Institutional Trading of Quantum Computing

Several large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its holdings in shares of Quantum Computing by 0.7% during the 1st 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 in the last quarter. PharVision Advisers LLC bought a new stake in shares of Quantum Computing during the 1st quarter worth $171,000. Millennium Management LLC lifted its position in shares of Quantum Computing by 288.9% during the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after buying an additional 483,940 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Quantum Computing during the 1st quarter worth $7,084,000. Finally, Royal Bank of Canada lifted its position in shares of Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Trading Up 39.3%

The firm has a market capitalization of $1.77 billion, a P/E ratio of -44.38 and a beta of 3.74. The firm has a 50-day moving average of $7.45 and a two-hundred day moving average of $8.24.

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.