Quantum Computing (NASDAQ:QUBT) Trading Down 11% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 11% during mid-day trading on Friday . The stock traded as low as $9.81 and last traded at $9.96. 21,488,491 shares were traded during mid-day trading, an increase of 23% from the average session volume of 17,541,625 shares. The stock had previously closed at $11.19.

Analyst Upgrades and Downgrades

Several research firms recently commented on QUBT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Wall Street Zen upgraded Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Northland Securities initiated coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a report on Tuesday, March 3rd. Finally, Cantor Fitzgerald decreased their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Trading Down 11.1%

The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of -35.53 and a beta of 3.72. The stock has a 50-day moving average price of $9.42 and a 200 day moving average price of $9.88.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. Equities research analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Insider Buying and Selling at Quantum Computing

In other news, CFO Christopher Bruce Roberts sold 68,902 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer directly owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. This represents a 5.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in the stock. FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $33,000. New Millennium Group LLC purchased a new stake in shares of Quantum Computing during the third quarter worth about $36,000. Triumph Capital Management acquired a new position in shares of Quantum Computing during the 3rd quarter worth about $45,000. Aventura Private Wealth LLC acquired a new position in shares of Quantum Computing during the 4th quarter worth about $26,000. Finally, International Assets Investment Management LLC purchased a new position in Quantum Computing in the 4th quarter valued at about $26,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.