Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $10.60, but opened at $11.71. Quantum Computing shares last traded at $11.7690, with a volume of 32,338,164 shares changing hands.

Analysts Set New Price Targets

Several research firms recently weighed in on QUBT. Lake Street Capital cut their price target on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Wall Street Zen cut Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.67.

Quantum Computing Stock Performance

The firm has a market cap of $2.54 billion, a P/E ratio of -16.66 and a beta of 3.82. The stock has a fifty day simple moving average of $17.35 and a 200 day simple moving average of $15.92.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Robert B. Fagenson sold 5,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $16.88, for a total value of $84,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale is available in the SEC filing. Insiders sold 1,154,649 shares of company stock worth $16,805,481 over the last 90 days. 19.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Quantum Computing during the first quarter worth about $798,000. Teacher Retirement System of Texas bought a new position in shares of Quantum Computing during the first quarter worth $136,000. Vanguard Group Inc. grew its stake in Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock valued at $41,531,000 after acquiring an additional 1,004,675 shares in the last quarter. Swiss National Bank bought a new stake in Quantum Computing in the 1st quarter valued at $1,806,000. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of Quantum Computing in the second quarter worth about $1,003,000. 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.