Quantum Computing (NASDAQ:QUBT) Trading Up 12.5% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 12.5% on Thursday . The stock traded as high as $13.58 and last traded at $13.5750. Approximately 22,991,268 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 27,695,338 shares. The stock had previously closed at $12.07.

Analyst Ratings Changes

A number of equities research analysts have commented on QUBT shares. Ascendiant Capital Markets raised their price target on Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Lake Street Capital reduced their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $23.67.

Quantum Computing Stock Performance

The business has a 50-day simple moving average of $15.58 and a two-hundred day simple moving average of $16.12. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -22.26 and a beta of 3.80.

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

Insider Activity

In other Quantum Computing news, 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 transaction of $306,000.00. Following the sale, the director directly owned 17,474 shares in the company, valued at $267,352.20. The trade was a 53.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert B. Fagenson sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total value of $543,200.00. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at approximately $776,000. The trade was a 41.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 137,474 shares of company stock worth $2,128,753 over the last ninety days. Corporate insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC acquired a new position in shares of Quantum Computing in the 2nd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Quantum Computing during the 2nd quarter worth about $29,000. Farther Finance Advisors LLC grew its holdings in Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after acquiring an additional 1,319 shares during the last quarter. FWL Investment Management LLC acquired a new stake in Quantum Computing in the 2nd quarter valued at about $33,000. Finally, New Millennium Group LLC bought a new position in shares of Quantum Computing in the third quarter worth about $36,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.