Quantum Computing (NASDAQ:QUBT) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says
Ascendiant Capital Markets has raised its price target for Quantum Computing (NASDAQ:QUBT) from $8.50 to $14.00, maintaining a "buy" rating. This suggests a potential upside of 96.35% from the previous close. The stock opened at $7.13 and has a market cap of $978.56 million. Quantum Computing reported a quarterly loss of ($0.47) EPS, missing estimates. Insider trading activity includes the sale of 200,000 shares by Yuping Huang. Hedge funds have also increased their stakes in the company recently.
Quantum Computing (NASDAQ:QUBT - Get Free Report) had its price target lifted by research analysts at Ascendiant Capital Markets from $8.50 to $14.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Ascendiant Capital Markets' target price would suggest a potential upside of 96.35% from the company's previous close.
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Quantum Computing Trading Up 2.7 %
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NASDAQ:QUBT opened at $7.13 on Monday. Quantum Computing has a 12-month low of $0.35 and a 12-month high of $27.15. The firm has a market cap of $978.56 million, a PE ratio of -24.59 and a beta of 3.00. The stock has a fifty day moving average price of $6.80 and a 200 day moving average price of $7.58.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.20 million. During the same quarter last year, the business posted ($0.09) EPS.
Insider Activity at Quantum Computing
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In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing 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. This trade represents a 0.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 31.10% of the stock is owned by insiders.
Institutional Trading of Quantum Computing
A number of hedge funds have recently bought and sold shares of QUBT. Geode Capital Management LLC lifted its stake in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock worth $449,000 after buying an additional 65,486 shares during the last quarter. Virtu Financial LLC boosted its stake in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock worth $40,000 after acquiring an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new position in shares of Quantum Computing in the fourth quarter valued at approximately $209,000. Diversify Wealth Management LLC acquired a new position in Quantum Computing during the 4th quarter worth approximately $331,000. Finally, SG Americas Securities LLC bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $626,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(Get Free Report)- Quantum Computing Inc. is a Leader in the Industry, For How Long?
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.
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