Quantum Computing (NASDAQ:QUBT) Director Sells $543,200.00 in Stock

Quantum Computing Inc. (NASDAQ:QUBT) Director Robert Fagenson sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $15.52, for a total transaction of $543,200.00. Following the completion of the transaction, the director directly owned 50,000 shares of the company’s stock, valued at approximately $776,000. This trade represents a 41.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Quantum Computing Trading Up 3.6%

QUBT opened at $18.35 on Friday. The company has a 50 day moving average of $16.23 and a 200 day moving average of $12.70. The company has a market cap of $2.93 billion, a PE ratio of -26.98 and a beta of 3.88. Quantum Computing Inc. has a 12 month low of $0.64 and a 12 month high of $27.15.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Analyst Upgrades and Downgrades

Several research firms recently commented on QUBT. Lake Street Capital initiated coverage on shares of Quantum Computing in a report on Thursday. They issued a “buy” rating and a $24.00 price objective for the company. Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a report on Friday, June 6th. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Finally, Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a “neutral” rating and a $15.00 price target for the company. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.33.

Institutional Trading of Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Geode Capital Management LLC lifted its holdings in shares of Quantum Computing by 116.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after acquiring an additional 1,416,928 shares during the last quarter. Penserra Capital Management LLC bought a new stake in Quantum Computing in the second quarter worth $19,543,000. Vanguard Group Inc. lifted its stake in Quantum Computing by 24.0% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing in the first quarter worth $7,084,000. Finally, Invesco Ltd. bought a new stake in Quantum Computing in the second quarter worth $16,035,000. 4.26% of the stock is 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.