Quantum Computing (NASDAQ:QUBT) Shares Gap Up After Analyst Upgrade

Quantum Computing Inc. (NASDAQ:QUBTGet Free Report)’s stock price gapped up before the market opened on Monday after Ascendiant Capital Markets raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $13.70, but opened at $14.76. Ascendiant Capital Markets currently has a buy rating on the stock. Quantum Computing shares last traded at $14.07, with a volume of 11,907,453 shares trading hands.

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

Check Out Our Latest Report on QUBT

Insider Activity

In related news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yuping Huang sold 200,000 shares of Quantum Computing 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 completion of the sale, the insider now owns 24,051,256 shares of the company’s stock, valued at $203,954,650.88. The trade was a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 739,973 shares of company stock worth $8,012,085 over the last three months. 19.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $30,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Hollencrest Capital Management bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $41,000. Finally, Signaturefd LLC bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $43,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Trading Up 5.5%

The stock has a 50 day simple moving average of $9.12 and a 200-day simple moving average of $9.49. The firm has a market capitalization of $2.13 billion, a P/E ratio of -52.17 and a beta of 3.85.

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

About Quantum Computing

(Get Free Report)

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.

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