Quantum Computing Stock Soars After Price Target Boost

NEW YORK, NY — Quantum Computing Inc. saw its stock price surge by 12.3% on Friday, following a significant upward revision in its price target by Ascendiant Capital Markets. The firm raised its target from $14.00 to $22.00, maintaining a buy rating on the stock.

The stock reached a high of $13.85 during trading before closing at $13.29. A total of 17,165,425 shares exchanged hands, but this was a decline of 12% from the average volume of 19,508,307 shares. Prior to the day’s trading, Quantum Computing had closed at $11.83.

In a related note, a research update on May 22 indicated that analysts upgraded the stock’s rating from a “strong sell” to a “hold.”

Additionally, insider trading activity caught investors’ attention; on May 19, a company director sold 39,973 shares at an average price of $11.66, totaling approximately $466,085.18. Earlier, on March 25, another insider sold 200,000 shares at an average price of $8.48, amounting to $1,696,000. Following this sale, the insider retains 24,051,256 shares valued at around $203,954,650.88.

In the past 90 days, insiders have sold a total of 739,973 shares for a worth of $8,012,085. With insider ownership at 19.30%, this indicates a substantial level of trust in the company.

Various hedge funds have recently adjusted their positions in Quantum Computing as well. Hollencrest Capital Management increased its holdings by 60%, bringing their total to 4,000 shares. Tower Research Capital and several others also established new positions in the stock valued between $30,000 and $33,000.

The company’s stock has a 50-day moving average of $8.84 and a 200-day moving average of $9.32, contributing to a market capitalization of $1.93 billion.

Lastly, Quantum Computing reported quarterly earnings on March 20, showing a loss of $0.47 per share, missing expectations of a $0.05 loss. This was an increase from last year’s $0.09 loss per share.