Quantum Computing (NASDAQ:QUBT) Price Target Raised to $14.00

Quantum Computing (NASDAQ:QUBT) had its target price increased by Ascendiant Capital Markets from $8.50 to $14.00 in a report released on Monday morning,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

Quantum Computing Stock Down 2.5 %

Shares of NASDAQ:QUBT opened at $6.74 on Monday. The stock’s 50 day moving average is $6.75 and its 200-day moving average is $7.61. Quantum Computing has a twelve month low of $0.35 and a twelve month high of $27.15. The firm has a market capitalization of $925.03 million, a price-to-earnings ratio of -23.24 and a beta of 3.00.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter last year, the business earned ($0.09) earnings per share.

Insiders Place Their Bets

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the transaction, the insider now directly owns 24,051,256 shares of the company’s stock, valued at $203,954,650.88. The trade was a 0.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 31.10% of the company’s stock.

Institutional Trading of Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing in the 4th quarter valued at about $69,613,000. Anson Funds Management LP bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $70,006,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Quantum Computing during the fourth quarter worth $13,953,000. Finally, Geode Capital Management LLC lifted its holdings in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after acquiring an additional 75,380 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.