Quantum Computing (NASDAQ:QUBT) Shares Up 2.5% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 2.5% during mid-day trading on Friday . The company traded as high as $8.80 and last traded at $8.65. 8,023,494 shares changed hands during trading, a decline of 53% from the average session volume of 17,067,046 shares. The stock had previously closed at $8.44.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a report on Monday, April 28th.

Quantum Computing Price Performance

The stock has a 50-day moving average price of $6.96 and a two-hundred day moving average price of $7.99. The stock has a market cap of $1.18 billion, a PE ratio of -29.62 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the firm posted ($0.09) earnings per share.

Insider Activity at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were 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 in the company, valued at $203,954,650.88. The trade was a 0.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 31.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position 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 purchasing an additional 1,004,675 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing during the 4th quarter valued at $69,613,000. Anson Funds Management LP purchased a new stake in Quantum Computing during the 4th quarter valued at $70,006,000. Rockefeller Capital Management L.P. bought a new stake in Quantum Computing in the fourth quarter worth $13,953,000. Finally, Geode Capital Management LLC boosted its stake in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after buying an additional 75,380 shares during the period. Institutional investors own 4.26% of the company’s stock.

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.