Quantum Computing (NASDAQ:QUBT) Raised to Hold at Wall Street Zen

Quantum Computing (NASDAQ:QUBT) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday.

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

Quantum Computing Stock Up 10.3%

Shares of NASDAQ:QUBT opened at $13.31 on Thursday. The company has a market cap of $1.88 billion, a PE ratio of -45.90 and a beta of 3.74. The company’s 50-day moving average price is $7.94 and its 200 day moving average price is $8.60. Quantum Computing has a fifty-two week low of $0.35 and a fifty-two week high of $27.15.

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

Insiders Place Their Bets

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of the business’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider now directly owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in QUBT. Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $331,000. SG Americas Securities LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $626,000. Janney Montgomery Scott LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $786,000. Veracity Capital LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $343,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $199,000. Institutional investors and hedge funds 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.