Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) was up 7.2% during mid-day trading on Thursday . The company traded as high as $12.39 and last traded at $12.24. Approximately 30,573,177 shares traded hands during mid-day trading, an increase of 78% from the average daily volume of 17,183,219 shares. The stock had previously closed at $11.42.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on QUBT shares. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. Cantor Fitzgerald dropped their price objective on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company 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 restated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Finally, Northland Securities initiated coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Quantum Computing has an average rating of “Hold” and a consensus price target of $17.50.
Read Our Latest Analysis on QUBT
Quantum Computing Trading Up 7.2%
Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate 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. Analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.
Insider Activity at Quantum Computing
In other news, CFO Christopher Bruce Roberts sold 9,360 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total transaction of $73,476.00. Following the completion of the sale, the chief financial officer owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. This trade represents a 0.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 19.30% of the stock is currently owned by company insiders.
Institutional Trading of Quantum Computing
Large investors have recently modified their holdings of the stock. FWL Investment Management LLC acquired a new stake in shares of Quantum Computing during the 2nd quarter worth approximately $33,000. New Millennium Group LLC acquired a new stake in shares of Quantum Computing during the 3rd quarter worth approximately $36,000. Strs Ohio acquired a new stake in shares of Quantum Computing during the 3rd quarter worth approximately $39,000. Triumph Capital Management acquired a new stake in shares of Quantum Computing during the 3rd quarter worth approximately $45,000. Finally, Aventura Private Wealth LLC acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 4.26% of the company’s stock.
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.
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