Quantum Computing (NASDAQ:QUBT) Trading Down 9% – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 9% on Tuesday . The company traded as low as $9.06 and last traded at $9.51. 17,638,549 shares changed hands during trading, an increase of 1% from the average session volume of 17,496,760 shares. The stock had previously closed at $10.45.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The company has a market cap of $2.14 billion, a PE ratio of -33.96 and a beta of 3.72. The company has a fifty day moving average price of $9.48 and a 200 day moving average price of $9.86.

Quantum Computing (NASDAQ:QUBT) last released its 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 firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. As a group, sell-side analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Christopher Bruce Roberts sold 9,360 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total value of $73,476.00. Following the completion of the sale, the chief financial officer owned 1,123,038 shares in the company, valued at $8,815,848.30. The trade was a 0.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 19.30% of the stock is owned by insiders.

Institutional Trading of Quantum Computing

A number of hedge funds have recently bought and sold shares of the company. Toth Financial Advisory Corp lifted its position in Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the last quarter. Signaturefd LLC lifted its position in Quantum Computing by 36.5% in the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. Two Sigma Investments LP lifted its position in Quantum Computing by 2.5% in the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after purchasing an additional 1,001 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Quantum Computing by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock valued at $86,000 after purchasing an additional 1,057 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock valued at $93,000 after purchasing an additional 1,525 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

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.