Quantum Computing (NASDAQ:QUBT) Shares Gap Up After Analyst Upgrade

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $13.70, but opened at $14.76. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing shares last traded at $14.07, with a volume of 11,907,453 shares.

Separately, Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd.

Insider Buying and Selling at Quantum Computing

In related news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the business’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider now directly owns 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 739,973 shares of company stock worth $8,012,085. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of QUBT. Rhumbline Advisers acquired a new position in Quantum Computing during the 1st quarter valued at approximately $28,000. GK Wealth Management LLC acquired a new position in Quantum Computing during the 1st quarter valued at approximately $88,000. Intrua Financial LLC purchased a new stake in shares of Quantum Computing in the 1st quarter valued at $385,000. Goldman Sachs Group Inc. boosted its holdings in shares of Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares during the last quarter. Finally, PharVision Advisers LLC purchased a new stake in shares of Quantum Computing in the 1st quarter valued at $171,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Trading Up 4.7%

The firm’s fifty day moving average price is $8.97 and its 200 day moving average price is $9.45. The firm has a market capitalization of $2.02 billion, a PE ratio of -49.45 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share.

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.