Quantum Computing (NASDAQ:QUBT) Trading 4.9% Higher on Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was up 4.9% on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing traded as high as $15.02 and last traded at $14.37. Approximately 15,837,667 shares changed hands during trading, a decline of 20% from the average daily volume of 19,724,617 shares. The stock had previously closed at $13.70.

Separately, Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd.

Insider Activity

In other news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Yuping Huang sold 500,000 shares of the business’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the transaction, the insider now directly owns 21,236,906 shares of the company’s stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. bought a new position in Quantum Computing in the fourth quarter worth about $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing during the 1st quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing during the fourth quarter valued at approximately $13,953,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Stock Up 7.0%

The company’s 50 day simple moving average is $8.84 and its two-hundred day simple moving average is $9.39. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -50.57 and a beta of 3.85.

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

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.