Quantum Computing (NASDAQ:QUBT) Stock Price Up 2.7% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 2.7% during mid-day trading on Friday . The company traded as high as $11.98 and last traded at $11.7650. Approximately 9,238,417 shares were traded during trading, a decline of 67% from the average daily volume of 27,876,018 shares. The stock had previously closed at $11.46.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Up 2.7%

The stock has a 50 day simple moving average of $16.39 and a 200 day simple moving average of $16.03. The company has a market cap of $2.64 billion, a price-to-earnings ratio of -17.30 and a beta of 3.82.

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

Insider Buying and Selling at Quantum Computing

In related news, CEO Yuping Huang sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares of the company’s stock, valued at $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Javad Shabani sold 17,474 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $15.26, for a total transaction of $266,653.24. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,137,474 shares of company stock valued at $16,538,753 in the last quarter. Corporate insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. Nisa Investment Advisors LLC purchased a new position in Quantum Computing during the 2nd quarter worth approximately $28,000. Farther Finance Advisors LLC raised its holdings in shares of 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 purchasing an additional 1,319 shares in the last quarter. Rhumbline Advisers bought a new stake in shares of Quantum Computing during the 1st quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing in the second quarter valued at approximately $29,000. Finally, FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $33,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.