Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 3.3% during mid-day trading on Monday . The stock traded as low as $10.85 and last traded at $10.96. 5,456,629 shares changed hands during trading, a decline of 72% from the average session volume of 19,318,751 shares. The stock had previously closed at $11.33.

Analyst Upgrades and Downgrades

QUBT has been the subject of several analyst reports. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $8.50 to $14.00 and gave the company a “buy” rating in a research report on Monday, April 28th.

Quantum Computing Trading Up 0.7%

The company has a market capitalization of $1.76 billion, a PE ratio of -43.30 and a beta of 3.74. The firm’s 50-day simple moving average is $8.55 and its 200-day simple moving average is $9.15.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) 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 analyst estimates of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In related news, Director Javad Shabani sold 39,973 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yuping Huang sold 200,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 739,973 shares of company stock worth $8,012,085 over the last three months. Insiders own 19.30% of the company’s stock.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Janney Montgomery Scott LLC bought a new position in Quantum Computing during the 4th quarter valued at $786,000. Archer Investment Corp acquired a new stake in shares of Quantum Computing during the 4th quarter valued at $33,000. Focus Financial Network Inc. acquired a new stake in shares of Quantum Computing during the 4th quarter valued at about $1,536,000. Essex Financial Services Inc. bought a new position in shares of Quantum Computing during the 4th quarter valued at $174,000. Finally, UNICOM Systems Inc. bought a new stake in shares of Quantum Computing during the 4th quarter worth about $5,707,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.