Quantum Computing (NASDAQ:QUBT) Trading 2.5% Higher – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was up 2.5% on Monday . The stock traded as high as $8.30 and last traded at $8.66. Approximately 2,497,714 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 15,996,688 shares. The stock had previously closed at $8.45.

Quantum Computing Stock Performance

The stock has a 50-day moving average of $8.01 and a two-hundred day moving average of $6.68. The company has a market cap of $1.07 billion, a P/E ratio of -26.75 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results 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 firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the previous year, the company posted ($0.09) earnings per share.

Insider Activity

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 completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This trade represents a 0.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing during the 4th quarter valued at $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing in the fourth quarter worth about $70,006,000. Vanguard Group Inc. grew its stake in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $13,953,000. Finally, Geode Capital Management LLC increased its position in shares of Quantum Computing by 11.0% during the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock valued at $12,627,000 after purchasing an additional 75,380 shares during the last quarter. 4.26% of the stock is 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.