Quantum Computing (NASDAQ:QUBT) Trading Up 8.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 8.5% on Monday . The stock traded as high as $12.25 and last traded at $11.50. 71,048,361 shares were traded during trading, an increase of 155% from the average session volume of 27,869,844 shares. The stock had previously closed at $10.60.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QUBT. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Finally, Lake Street Capital lowered 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. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $23.67.

Quantum Computing Trading Up 8.5%

The company has a market capitalization of $2.58 billion, a P/E ratio of -16.91 and a beta of 3.82. The business has a 50 day moving average price of $17.27 and a 200 day moving average price of $15.95.

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

Insider Activity

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Javad Shabani sold 20,000 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $15.30, for a total value of $306,000.00. Following the completion of the transaction, the director directly owned 17,474 shares of the company’s stock, valued at approximately $267,352.20. The trade was a 53.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,154,649 shares of company stock valued at $16,805,481. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the 3rd quarter worth approximately $123,014,000. Ghisallo Capital Management LLC acquired a new position in shares of Quantum Computing in the third quarter valued at approximately $74,194,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 23.1% during the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after acquiring an additional 2,286,514 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after acquiring an additional 1,416,928 shares in the last quarter. Finally, Polar Asset Management Partners Inc. raised its holdings in shares of Quantum Computing by 72.3% during the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after acquiring an additional 1,127,427 shares during the period. Institutional investors own 4.26% of the company’s stock.

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.