Quantum Computing (NASDAQ:QUBT) Trading 7.3% Higher – Here’s Why

by · The Cerbat Gem

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s stock price was up 7.3% during mid-day trading on Tuesday . The company traded as high as $13.07 and last traded at $12.34. Approximately 64,434,068 shares were traded during mid-day trading, an increase of 130% from the average daily volume of 28,037,029 shares. The stock had previously closed at $11.50.

Analyst Upgrades and Downgrades

Several research firms have recently commented on QUBT. Weiss Ratings reissued a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Lake Street Capital reduced their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Finally, Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Quantum Computing presently has an average rating of “Hold” and a consensus price target of $23.67.

View Our Latest Stock Report on Quantum Computing

Quantum Computing Price Performance

The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -18.15 and a beta of 3.82. The firm has a fifty day simple moving average of $17.27 and a two-hundred day simple moving average of $15.95.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last released its earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.12 million.

Insider Activity at Quantum Computing

In related news, Director Javad Shabani sold 17,474 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $15.26, for a total value of $266,653.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert B. Fagenson sold 5,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The disclosure for this sale is available in the SEC filing. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 over the last three months. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC purchased a new stake in Quantum Computing in the second quarter valued at approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing during the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC lifted its stake in Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after acquiring an additional 1,319 shares during the period. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing in the 2nd quarter valued at $33,000. Finally, New Millennium Group LLC purchased a new stake in shares of Quantum Computing in the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

(Get Free Report)

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.

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