Quantum Computing (NASDAQ:QUBT) Stock Price Up 15.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) traded up 15.2% during trading on Friday . The company traded as high as $14.13 and last traded at $13.90. 38,083,584 shares traded hands during mid-day trading, an increase of 105% from the average session volume of 18,544,781 shares. The stock had previously closed at $12.07.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Ascendiant Capital Markets upped 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. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday.

Quantum Computing Trading Up 10.3%

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

Quantum Computing (NASDAQ:QUBT) last posted 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 for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter last year, the firm earned ($0.09) earnings per share.

Insider Activity at Quantum Computing

In other news, insider Yuping Huang sold 500,000 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction on Monday, May 19th. The shares were 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. In the last ninety days, insiders have sold 739,973 shares of company stock valued at $8,012,085. Corporate insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing in the 4th quarter worth about $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing during the 4th quarter valued at about $70,006,000. Vanguard Group Inc. grew its stake in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought 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 shares of Quantum Computing during the fourth quarter worth approximately $13,953,000. 4.26% of the stock is currently 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.