Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Monday . The stock had previously closed at $7.39, but opened at $7.75. Quantum Computing shares last traded at $8.09, with a volume of 4,301,773 shares.

Quantum Computing Stock Down 3.1 %

The business has a 50-day simple moving average of $8.17 and a 200-day simple moving average of $6.52. The company has a market cap of $1.16 billion, a PE ratio of -29.24 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter last year, the business earned ($0.09) EPS.

Insider Transactions at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction dated Tuesday, March 25th. The stock was 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 approximately $203,954,650.88. The trade was a 0.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 4th quarter valued at $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the fourth quarter worth about $70,006,000. Vanguard Group Inc. boosted its position in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing during the 4th quarter valued at about $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Quantum Computing in the 4th quarter valued at about $11,750,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.