Quantum Computing (NASDAQ:QUBT) Sees Large Volume Increase – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBTGet Free Report) saw strong trading volume on Thursday . 9,039,395 shares traded hands during mid-day trading, a decline of 32% from the previous session’s volume of 13,374,246 shares.The stock last traded at $9.1550 and had previously closed at $9.40.

Quantum Computing News Summary

Here are the key news stories impacting Quantum Computing this week:

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Ascendiant Capital Markets decreased their price target on Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, December 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Wedbush began coverage on Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 target price on the stock. Finally, Cantor Fitzgerald cut their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.00.

View Our Latest Stock Analysis on QUBT

Quantum Computing Price Performance

The company has a market cap of $2.13 billion, a price-to-earnings ratio of -63.23 and a beta of 3.67. The stock has a 50-day moving average price of $7.72 and a 200 day moving average price of $11.47.

Quantum Computing (NASDAQ:QUBTGet Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.39 million.

Insider Activity at Quantum Computing

In other news, CFO Christopher Bruce Roberts sold 9,360 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total transaction of $73,476.00. Following the sale, the chief financial officer owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QUBT. Aventura Private Wealth LLC bought a new position in shares of Quantum Computing during the fourth quarter worth about $26,000. International Assets Investment Management LLC bought a new position in Quantum Computing in the fourth quarter valued at approximately $26,000. Farther Finance Advisors LLC grew its stake in Quantum Computing by 724.7% in the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares in the last quarter. Rhumbline Advisers bought a new position in Quantum Computing in the first quarter valued at approximately $28,000. Finally, Tucker Asset Management LLC bought a new position in Quantum Computing in the fourth quarter valued at approximately $29,000. 4.26% of the stock is currently owned by institutional investors.

About Quantum Computing

(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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