Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Tuesday . The stock had previously closed at $11.83, but opened at $12.74. Quantum Computing shares last traded at $11.76, with a volume of 12,301,999 shares trading hands.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their target price on Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a report on Monday, April 28th.

Quantum Computing Stock Up 0.3%

The stock has a market capitalization of $1.67 billion, a P/E ratio of -41.21 and a beta of 3.74. The company has a 50 day moving average of $7.57 and a 200-day moving average of $8.41.

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

Insiders Place Their Bets

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the transaction, the insider now owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. Rhumbline Advisers bought a new stake in Quantum Computing during the first quarter worth approximately $28,000. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management boosted its position in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $32,000 after buying an additional 1,500 shares during the period. Archer Investment Corp acquired a new position in Quantum Computing during the fourth quarter valued at $33,000. Finally, IFP Advisors Inc acquired a new stake in Quantum Computing during the 4th quarter worth about $33,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.