Quantum Computing (NASDAQ:QUBT) Coverage Initiated at Cantor Fitzgerald

Analysts at Cantor Fitzgerald initiated coverage on shares of Quantum Computing (NASDAQ:QUBT) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $15.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential downside of 27.68% from the company’s previous close.

A number of other research firms have also weighed in on QUBT. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd. Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a report on Friday, June 6th.

Quantum Computing Stock Up 0.4%

Shares of QUBT opened at $20.74 on Wednesday. Quantum Computing has a 12-month low of $0.52 and a 12-month high of $27.15. The stock has a market cap of $2.92 billion, a P/E ratio of -43.21 and a beta of 3.96. The business’s fifty day moving average is $13.22 and its 200 day moving average is $10.81.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million.

Insider Activity at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider owned 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,059,844 shares of company stock worth $14,685,149. Company insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in QUBT. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $30,000. IFP Advisors Inc bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. Farther Finance Advisors LLC bought a new position in Quantum Computing in the 4th quarter valued at $33,000. Hollencrest Capital Management bought a new position in Quantum Computing in the 4th quarter valued at $41,000. Finally, Signaturefd LLC bought a new position in Quantum Computing in the 4th quarter valued at $43,000. Institutional investors own 4.26% of the company’s stock.

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.