Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares gapped up before the market opened on Tuesday . The stock had previously closed at $11.83, but opened at $12.74. Quantum Computing shares last traded at $11.76, with a volume of 12,301,999 shares trading hands.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their price target on Quantum Computing from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Monday, April 28th.

Quantum Computing Stock Performance

The stock has a 50 day moving average of $7.57 and a two-hundred day moving average of $8.41. The firm has a market capitalization of $1.67 billion, a P/E ratio of -41.21 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company 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 posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. The trade was a 0.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QUBT. Hollencrest Capital Management boosted its holdings in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after purchasing an additional 1,500 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the 4th quarter valued at $30,000. IFP Advisors Inc bought a new stake in Quantum Computing in the fourth quarter valued at $33,000. Farther Finance Advisors LLC bought a new stake in Quantum Computing in the fourth quarter valued at $33,000. Finally, Archer Investment Corp acquired a new position in Quantum Computing during the fourth quarter worth $33,000. Institutional investors and hedge funds 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.