Quantum Computing (NASDAQ:QUBT) Shares Up 11.4% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 11.4% during mid-day trading on Thursday . The company traded as high as $7.26 and last traded at $7.10. 6,144,713 shares traded hands during trading, a decline of 63% from the average session volume of 16,652,306 shares. The stock had previously closed at $6.37.

Quantum Computing Trading Up 2.7 %

The business has a fifty day moving average of $6.80 and a 200-day moving average of $7.53. The firm has a market cap of $978.56 million, a PE ratio of -24.59 and a beta of 3.00.

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 (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the company earned ($0.09) earnings per share.

Insider Buying and Selling

In other news, insider Yuping Huang sold 200,000 shares of the stock in a transaction on 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 transaction, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This represents a 0.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 31.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock worth $449,000 after purchasing an additional 65,486 shares during the last quarter. Virtu Financial LLC lifted its position in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock worth $40,000 after buying an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. purchased a new stake in Quantum Computing in the fourth quarter worth approximately $209,000. Diversify Wealth Management LLC bought a new position in Quantum Computing during the fourth quarter valued at approximately $331,000. Finally, SG Americas Securities LLC purchased a new position in shares of Quantum Computing during the fourth quarter worth approximately $626,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.