Quantum Computing (NASDAQ:QUBT) Stock Price Up 7.3% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 7.3% during mid-day trading on Tuesday . The company traded as high as $13.07 and last traded at $12.34. 64,434,068 shares were traded during mid-day trading, an increase of 130% from the average session volume of 28,037,029 shares. The stock had previously closed at $11.50.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Ascendiant Capital Markets boosted their price objective 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. 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Finally, Lake Street Capital decreased their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research note on Monday. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $23.67.

Quantum Computing Stock Up 7.3%

The stock’s 50 day moving average price is $17.27 and its 200-day moving average price is $15.95. The stock has a market capitalization of $2.77 billion, a PE ratio of -18.15 and a beta of 3.82.

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

Insider Activity at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction on Monday, September 8th. The stock was sold at an average price of $15.26, for a total transaction of $266,653.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 4th. The stock was 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,154,649 shares of company stock worth $16,805,481. Insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently made changes to their positions in QUBT. Nisa Investment Advisors LLC purchased a new stake in Quantum Computing in the second quarter worth about $28,000. Farther Finance Advisors LLC increased its position in 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 during the period. Rhumbline Advisers bought a new stake in shares of Quantum Computing in the 1st quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Quantum Computing in the 2nd quarter valued at about $29,000. Finally, FWL Investment Management LLC purchased a new stake in shares of Quantum Computing in the 2nd quarter worth approximately $33,000. 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.