Quantum Computing (NASDAQ:QUBT) Price Target Raised to $22.00 at Ascendiant Capital Markets

Quantum Computing (NASDAQ:QUBT) had its price objective boosted by Ascendiant Capital Markets from $14.00 to $22.00 in a research note released on Friday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

Separately, Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd.

Quantum Computing Stock Up 15.8%

NASDAQ:QUBT opened at $13.70 on Friday. Quantum Computing has a 1-year low of $0.35 and a 1-year high of $27.15. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -47.24 and a beta of 3.74. The stock has a fifty day simple moving average of $8.84 and a 200 day simple moving average of $9.32.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data 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 company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the prior year, the company posted ($0.09) earnings per share.

Insider Buying and Selling

In other news, Director Javad Shabani sold 39,973 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuping Huang sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company’s stock, 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 ninety days, insiders 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

A number of hedge funds and other institutional investors have recently made changes to their positions in QUBT. Janney Montgomery Scott LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $786,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $33,000. Focus Financial Network Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $1,536,000. Essex Financial Services Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $174,000. Finally, UNICOM Systems Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $5,707,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.