Quantum Computing Inc. (NASDAQ:QUBT) experienced a significant surge in its stock price, rising by 12.5% during mid-day trading on Thursday. The stock reached a peak of $13.58 before closing at $13.5750. During this trading session, approximately 22,991,268 shares changed hands, reflecting a 17% decrease from the average daily volume of 27,695,338 shares. In comparison, the previous closing price was $12.07.
Analysts Weigh In with New Price Targets
Recent activity from financial analysts has added to the stock’s volatility. Lake Street Capital adjusted its price target for Quantum Computing from $24.00 to $16.00, maintaining a “buy” rating in a report released on November 17, 2023. Conversely, Ascendiant Capital Markets raised its price objective significantly from $22.00 to $40.00, also issuing a “buy” rating in a note dated October 3, 2023. Additionally, Wall Street Zen upgraded the stock from a “strong sell” to a “hold” rating on November 22, 2023. In contrast, Weiss Ratings reiterated a “sell (d-)” rating for Quantum Computing shares.
Overall, two investment analysts have assigned a “buy” rating, one has recommended a “hold,” and one has given a “sell” rating. According to data from MarketBeat.com, Quantum Computing currently holds an average rating of “hold” and an average target price of $23.67.
Quarterly Earnings Report Highlights
Quantum Computing announced its quarterly earnings on November 14, 2023, reporting earnings per share of ($0.05), aligning with analysts’ expectations. The company generated revenue of $0.38 million for the quarter, significantly surpassing analyst estimates of $0.12 million.
In terms of insider trading, Director Javad Shabani sold 17,474 shares on September 8, 2023, for a total of approximately $266,653. Another director, Robert B. Fagenson, sold 5,000 shares on September 15, 2023, valued at around $84,400. Over the past 90 days, insiders have sold a total of 117,474 shares, amounting to approximately $1.82 million. Notably, insiders currently hold 19.30% of the company’s stock.
Institutional Investment Trends
Institutional investors have been actively adjusting their positions in Quantum Computing. Envestnet Asset Management Inc. increased its holdings by 35.9% during the first quarter, now owning 43,470 shares valued at around $348,000. Similarly, Zurcher Kantonalbank Zurich Cantonalbank raised its stake by 384.3%, now holding 30,321 shares valued at approximately $243,000.
Other notable changes include LPL Financial LLC, which boosted its stake by 218.2% and now owns 235,628 shares worth about $1.88 million. Vanguard Group Inc. also increased its position by 24.0%, now holding 5,191,404 shares valued at approximately $41.53 million. Overall, institutional and hedge fund ownership stands at 4.26% of the total company stock.
Quantum Computing Inc. continues to be an active player in the quantum technology sector, offering innovative solutions such as portable quantum machines and quantum random number generators. As the market evolves, the company remains under close watch by analysts and investors alike.
