Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-strong trading volume on Tuesday . Approximately 22,705,524 shares traded hands during mid-day trading, an increase of 15% from the previous session’s volume of 19,823,817 shares.The stock last traded at $16.71 and had previously closed at $14.34.

Analyst Ratings Changes

A number of equities analysts have issued reports on QUBT shares. Ascendiant Capital Markets increased their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Friday. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd.

Quantum Computing Stock Up 10.7%

The company’s fifty day moving average price is $8.97 and its 200-day moving average price is $9.45. The stock has a market capitalization of $2.24 billion, a PE ratio of -54.66 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Thursday, March 20th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the business earned ($0.09) earnings per share.

Insider Buying and Selling

In other Quantum Computing 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 value of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares of the company’s stock, valued at approximately $203,954,650.88. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Javad Shabani sold 39,973 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Insiders have sold a total of 739,973 shares of company stock worth $8,012,085 in the last quarter. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing during the fourth quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing in the 4th quarter worth about $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing in the 1st quarter worth about $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new position in Quantum Computing in the 4th quarter worth about $13,953,000. 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.