Quantum Computing (NASDAQ:QUBT) Trading Up 5.7% After Earnings Beat

Quantum Computing Inc. (NASDAQ:QUBT) traded up 5.7% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $11.18 and last traded at $10.60. 34,746,182 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 27,654,951 shares. The stock had previously closed at $10.03.

The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of recent analyst reports. Lake Street Capital initiated coverage on shares of Quantum Computing in a report on Thursday, September 18th. They issued a “buy” rating and a $24.00 price target on the stock. Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $26.33.

Insider Transactions at Quantum Computing

In other news, CEO Yuping Huang sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the transaction, the chief executive officer owned 21,287,718 shares of the company’s stock, valued at approximately $306,756,016.38. This represents a 4.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javad Shabani sold 20,000 shares of Quantum Computing stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $15.30, for a total value of $306,000.00. Following the sale, the director owned 17,474 shares in the company, valued at $267,352.20. This represents a 53.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,154,649 shares of company stock worth $16,805,481 over the last quarter. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of QUBT. Creative Planning bought a new stake in Quantum Computing during the third quarter worth about $314,000. Polar Asset Management Partners Inc. boosted its position in shares of Quantum Computing by 72.3% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after purchasing an additional 1,127,427 shares in the last quarter. Ancora Advisors LLC bought a new stake in shares of Quantum Computing in the 3rd quarter worth approximately $101,000. Raymond James Financial Inc. grew its stake in shares of Quantum Computing by 78.5% in the 3rd quarter. Raymond James Financial Inc. now owns 245,363 shares of the company’s stock worth $4,517,000 after buying an additional 107,875 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Quantum Computing during the 3rd quarter valued at approximately $4,271,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Stock Performance

The stock has a 50-day moving average of $17.35 and a two-hundred day moving average of $15.79. The company has a market cap of $2.38 billion, a P/E ratio of -15.59 and a beta of 3.82.

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.