Quantum Computing (NASDAQ:QUBT) Trading 36.4% Higher Following Earnings Beat

Quantum Computing Inc. (NASDAQ:QUBT) traded up 36.4% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $12.63 and last traded at $12.61. 50,640,249 shares were traded during mid-day trading, an increase of 188% from the average session volume of 17,609,933 shares. The stock had previously closed at $9.24.

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

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets raised their price objective on Quantum Computing from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, April 28th.

Insider Activity

In other news, insider Yuping Huang sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares of the company’s stock, valued at $203,954,650.88. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently modified their holdings of QUBT. Rhumbline Advisers bought a new stake in shares of Quantum Computing in the 1st quarter valued at approximately $28,000. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing in the fourth quarter worth 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. Archer Investment Corp purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $33,000. Finally, IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $33,000. 4.26% of the stock is owned by institutional investors.

Quantum Computing Price Performance

The firm has a fifty day moving average price of $7.45 and a two-hundred day moving average price of $8.24. The stock has a market capitalization of $1.77 billion, a PE ratio of -44.38 and a beta of 3.74.

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.