Quantum Computing (NASDAQ:QUBT) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Quantum Computing (NASDAQ:QUBT) posted its quarterly earnings data on Friday. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01, Zacks reports.

Quantum Computing Stock Performance

Shares of Quantum Computing stock traded up $0.57 on Friday, hitting $10.60. The company’s stock had a trading volume of 36,325,586 shares, compared to its average volume of 27,663,838. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -15.59 and a beta of 3.82. The firm has a fifty day moving average price of $17.44 and a 200-day moving average price of $15.77. Quantum Computing has a 1 year low of $2.22 and a 1 year high of $27.15.

Wall Street Analysts Forecast Growth

QUBT has been the subject of several research analyst reports. Lake Street Capital assumed coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They set a “buy” rating and a $24.00 target price for the company. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Two research 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.33.

Insider Buying and Selling at Quantum Computing

In related news, CRO Pouya Dianat sold 17,175 shares of the firm’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert B. Fagenson sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The SEC filing for this sale provides additional information. Insiders sold 1,154,649 shares of company stock worth $16,805,481 over the last three months. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers acquired a new stake in Quantum Computing during the 1st quarter worth approximately $28,000. FWL Investment Management LLC acquired a new position in shares of Quantum Computing during the second quarter worth about $33,000. Horizon Investments LLC purchased a new stake in shares of Quantum Computing during the third quarter worth approximately $55,000. NewEdge Advisors LLC raised its holdings in Quantum Computing by 121.8% in the second quarter. NewEdge Advisors LLC now owns 3,505 shares of the company’s stock valued at $67,000 after acquiring an additional 1,925 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in Quantum Computing in the third quarter valued at approximately $99,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.