Quantum Computing (NASDAQ:QUBT) Trading Up 12.7% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 12.7% during mid-day trading on Monday . The stock traded as high as $19.47 and last traded at $18.80. Approximately 21,203,610 shares changed hands during trading, an increase of 1% from the average daily volume of 20,988,762 shares. The stock had previously closed at $16.68.

Wall Street Analysts Forecast Growth

QUBT has been the topic of several research analyst reports. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets boosted their target price on Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, June 6th.

Quantum Computing Price Performance

The stock has a market capitalization of $2.96 billion, a PE ratio of -72.03 and a beta of 3.85. The company has a 50 day moving average price of $9.79 and a 200-day moving average price of $9.73.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter in the previous year, the business earned ($0.09) earnings per share.

Insider Activity at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 sale, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,213,404 shares of company stock worth $15,452,349 over the last ninety days. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers bought a new stake in Quantum Computing in the first quarter worth $28,000. GK Wealth Management LLC purchased a new position in shares of Quantum Computing in the first quarter worth $88,000. Intrua Financial LLC purchased a new position in shares of Quantum Computing in the first quarter worth $385,000. Goldman Sachs Group Inc. raised its stake in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after purchasing an additional 2,280 shares during the last quarter. Finally, PharVision Advisers LLC purchased a new position in shares of Quantum Computing in the first quarter worth $171,000. 4.26% of the stock is owned by institutional investors.

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.