Quantum Computing (NASDAQ:QUBT) Trading 23.2% Higher After Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded up 23.2% during mid-day trading on Friday after Ascendiant Capital Markets raised their price target on the stock from $22.00 to $40.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $25.84 and last traded at $24.62. 117,954,458 shares were traded during trading, an increase of 364% from the average session volume of 25,434,123 shares. The stock had previously closed at $19.98.

QUBT has been the subject of several other research reports. Cantor Fitzgerald assumed coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a “neutral” rating and a $15.00 target price for the company. Wall Street Zen cut Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They set a “buy” rating and a $24.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Quantum Computing currently has an average rating of “Hold” and an average target price of $26.33.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Javad Shabani sold 20,000 shares of Quantum Computing stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $15.30, for a total value of $306,000.00. Following the completion of the transaction, the director owned 17,474 shares of the company’s stock, valued at approximately $267,352.20. This trade represents a 53.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the 1st quarter worth approximately $28,000. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing in the 2nd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Quantum Computing in the 2nd quarter worth approximately $29,000. Hollencrest Capital Management boosted its holdings in shares of Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $32,000 after purchasing an additional 1,500 shares during the period. Finally, FWL Investment Management LLC bought a new stake in shares of Quantum Computing during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Stock Performance

The stock has a fifty day moving average of $16.84 and a 200-day moving average of $13.83. The company has a market cap of $3.94 billion, a PE ratio of -36.21 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.10 million.

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.