Quantum Computing (NASDAQ:QUBT) Stock Price Up 3.3% – Here’s What Happened

by · The Cerbat Gem

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) shot up 3.3% on Monday . The company traded as high as $12.13 and last traded at $12.11. 14,796,377 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 17,270,771 shares. The stock had previously closed at $11.72.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. Wedbush started coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price target on the stock. Lake Street Capital lowered their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 price objective on shares of Quantum Computing in a report on Thursday, December 18th. Finally, Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.00.

Read Our Latest Analysis on QUBT

Quantum Computing Price Performance

The stock’s 50 day moving average is $11.67 and its two-hundred day moving average is $15.47. The stock has a market capitalization of $2.71 billion, a PE ratio of -19.85 and a beta of 3.49.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

Insider Activity at Quantum Computing

In related news, COO Milan Begliarbekov sold 2,860 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $11.85, for a total value of $33,891.00. Following the transaction, the chief operating officer owned 24,240 shares of the company’s stock, valued at $287,244. This represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of institutional investors have recently bought and sold shares of the business. Concurrent Investment Advisors LLC acquired a new position in shares of Quantum Computing in the 2nd quarter valued at $1,003,000. PFG Investments LLC purchased a new position in Quantum Computing during the 2nd quarter worth $1,128,000. Rollins Financial Advisors LLC acquired a new position in Quantum Computing in the second quarter valued at $504,000. SLT Holdings LLC increased its stake in Quantum Computing by 111.5% in the second quarter. SLT Holdings LLC now owns 69,250 shares of the company’s stock valued at $1,328,000 after purchasing an additional 36,500 shares during the period. Finally, Pacific Heights Asset Management LLC purchased a new stake in shares of Quantum Computing in the second quarter valued at about $7,668,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Company Profile

(Get Free Report)

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.

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