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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw strong trading volume on Friday . 34,829,456 shares were traded during mid-day trading, an increase of 88% from the previous session’s volume of 18,534,222 shares.The stock last traded at $13.90 and had previously closed at $12.07.

Analysts Set New Price Targets

QUBT has been the topic of a number of analyst reports. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday. Ascendiant Capital Markets lifted their target price on Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, April 28th.

Quantum Computing Stock Up 10.3%

The stock has a market cap of $1.88 billion, a P/E ratio of -45.90 and a beta of 3.74. The company’s 50 day moving average price is $7.94 and its two-hundred day moving average price is $8.66.

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

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider now owns 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 739,973 shares of company stock valued at $8,012,085. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of QUBT. SG Americas Securities LLC acquired a new stake in shares of Quantum Computing in the 4th quarter worth $626,000. Janney Montgomery Scott LLC acquired a new stake in Quantum Computing in the fourth quarter worth about $786,000. Flagship Harbor Advisors LLC acquired a new stake in Quantum Computing in the fourth quarter worth about $199,000. Heck Capital Advisors LLC acquired a new position in shares of Quantum Computing during the fourth quarter valued at about $1,255,000. Finally, Archer Investment Corp purchased a new position in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. 4.26% of the stock is owned by hedge funds and other 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.