Quantum Computing (NASDAQ:QUBT) Shares Up 3.6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 3.6% during mid-day trading on Monday . The stock traded as high as $13.00 and last traded at $12.39. 32,009,476 shares changed hands during mid-day trading, an increase of 84% from the average session volume of 17,379,211 shares. The stock had previously closed at $11.96.

Wall Street Analysts Forecast Growth

QUBT has been the subject of several research analyst reports. Cantor Fitzgerald lowered their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Finally, Northland Securities initiated coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.50.

Quantum Computing Stock Performance

The company has a market cap of $2.79 billion, a price-to-earnings ratio of -44.25 and a beta of 3.72. The stock’s fifty day moving average is $9.00 and its two-hundred day moving average is $9.86.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, equities research analysts expect that Quantum Computing Inc. will post -0.14 EPS for the current year.

Insider Activity

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of Quantum Computing stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total transaction of $540,880.70. Following the transaction, the chief financial officer owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. The trade was a 5.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 19.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Aventura Private Wealth LLC bought a new stake in Quantum Computing in the 4th quarter worth about $26,000. International Assets Investment Management LLC purchased a new position in shares of Quantum Computing in the 4th quarter worth approximately $26,000. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the 1st quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Quantum Computing in the 4th quarter worth approximately $29,000. Finally, Toth Financial Advisory Corp grew its holdings in shares of Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.