Quantum Computing (NASDAQ:QUBT) Shares Up 13.8% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares shot up 13.8% during trading on Tuesday . The stock traded as high as $17.59 and last traded at $16.32. 36,109,323 shares traded hands during mid-day trading, an increase of 82% from the average session volume of 19,869,475 shares. The stock had previously closed at $14.34.

Analysts Set New Price Targets

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

Quantum Computing Trading Up 6.5%

The firm has a 50 day simple moving average of $8.97 and a 200 day simple moving average of $9.45. The firm has a market capitalization of $2.15 billion, a PE ratio of -52.20 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 analysts’ consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same quarter last year, the firm posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In related news, Director Javad Shabani sold 39,973 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Yuping Huang sold 200,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in QUBT. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 24.0% during 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. acquired a new stake in Quantum Computing in the fourth quarter valued at $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the 4th quarter valued at about $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Quantum Computing during the first quarter worth about $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in Quantum Computing in the 4th quarter valued at about $13,953,000. 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.