Quantum Computing (NASDAQ:QUBT) Shares Up 4.9% After Analyst Upgrade

Shares of Quantum Computing Inc. (NASDAQ:QUBT) shot up 4.9% during mid-day trading on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $15.02 and last traded at $14.37. 15,837,667 shares were traded during trading, a decline of 20% from the average session volume of 19,724,617 shares. The stock had previously closed at $13.70.

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

Insiders Place Their Bets

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the business’s stock in a transaction that occurred on 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 739,973 shares of company stock valued at $8,012,085 in the last ninety days. 19.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new stake in shares of Quantum Computing in the 4th quarter valued at $30,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. Hollencrest Capital Management bought a new stake in shares of Quantum Computing in the 4th quarter valued at $41,000. Finally, Signaturefd LLC bought a new stake in shares of Quantum Computing in the 4th quarter valued at $43,000. 4.26% of the stock is owned by institutional investors.

Quantum Computing Stock Performance

The stock’s 50 day moving average price is $8.97 and its 200 day moving average price is $9.45. The company has a market capitalization of $2.02 billion, a P/E ratio of -49.45 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Thursday, March 20th. 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 for the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share.

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.