Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-high trading volume on Friday . Approximately 18,633,829 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 16,235,482 shares.The stock last traded at $12.9090 and had previously closed at $11.41.

Quantum Computing News Roundup

Here are the key news stories impacting Quantum Computing this week:

• Positive Sentiment: Quantum computing stocks are seeing a second straight session of strong buying, with QUBT rising as part of a broader sector rebound and rally in pure-play quantum names. Article Title
• Positive Sentiment: Recent reports that the U.S. government is backing quantum development and supercomputing projects have boosted sentiment toward Quantum Computing Inc. and the broader sector. Article Title
• Neutral Sentiment: Market commentary continues to frame QUBT as a high-risk, speculative “moonshot” quantum stock, with heavy short interest adding to volatility and the potential for continued sharp swings. Article Title

Analyst Upgrades and Downgrades

QUBT has been the subject of a number of research reports. Northland Securities initiated coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Wall Street Zen upgraded Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Cantor Fitzgerald lowered their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Finally, Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Tuesday, March 3rd. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Price Performance

The business has a fifty day simple moving average of $8.45 and a two-hundred day simple moving average of $9.93. The company has a market cap of $2.98 billion, a PE ratio of -47.49 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, equities research analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current year.

Insider Activity

In other news, CFO Christopher Bruce Roberts sold 68,902 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total transaction of $540,880.70. Following the transaction, the chief financial officer directly owned 1,132,398 shares of the company’s stock, valued at approximately $8,889,324.30. This represents a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently made changes to their positions in QUBT. Aventura Private Wealth LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $26,000. International Assets Investment Management LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $26,000. Rhumbline Advisers acquired a new position in shares of Quantum Computing during the first quarter worth $28,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $29,000. Finally, Toth Financial Advisory Corp increased its position in shares of Quantum Computing by 50.0% during the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

About Quantum Computing

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.