Quantum Computing (NASDAQ:QUBT) Shares Up 12.5% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) rose 12.5% during mid-day trading on Thursday . The stock traded as high as $13.58 and last traded at $13.5750. Approximately 22,991,268 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 27,695,338 shares. The stock had previously closed at $12.07.

Analysts Set New Price Targets

A number of analysts have commented on the company. Lake Street Capital lowered their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Ascendiant Capital Markets raised their price objective on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Quantum Computing presently has an average rating of “Hold” and an average target price of $23.67.

Quantum Computing Stock Down 5.4%

The company has a market capitalization of $2.88 billion, a PE ratio of -21.05 and a beta of 3.80. The firm has a 50-day moving average of $15.30 and a two-hundred day moving average of $16.11.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.12 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction on Monday, September 8th. The shares were sold at an average price of $15.26, for a total value of $266,653.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert B. Fagenson sold 5,000 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 117,474 shares of company stock worth $1,822,753. 19.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its holdings in Quantum Computing by 35.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock worth $348,000 after buying an additional 11,489 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Quantum Computing by 384.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,321 shares of the company’s stock valued at $243,000 after acquiring an additional 24,060 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Quantum Computing by 218.2% in the first quarter. LPL Financial LLC now owns 235,628 shares of the company’s stock worth $1,885,000 after acquiring an additional 161,582 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Quantum Computing by 24.0% during 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Quantum Computing by 66.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 50,878 shares of the company’s stock valued at $407,000 after purchasing an additional 20,305 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.