Quantum Computing (NASDAQ:QUBT) Shares Down 11.2% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 11.2% during trading on Thursday . The stock traded as low as $10.19 and last traded at $10.27. Approximately 34,252,127 shares were traded during trading, an increase of 22% from the average daily volume of 28,085,219 shares. The stock had previously closed at $11.56.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Ascendiant Capital Markets boosted their price target on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Lake Street Capital reduced their price objective on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $23.67.

Quantum Computing Trading Down 11.2%

The stock has a 50 day simple moving average of $17.12 and a 200-day simple moving average of $15.95. The firm has a market capitalization of $2.30 billion, a P/E ratio of -15.10 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Buying and Selling at Quantum Computing

In other news, Director Robert B. Fagenson sold 5,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the transaction, the chief executive officer owned 21,287,718 shares in the company, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in Quantum Computing during the first quarter valued at approximately $156,000. Envestnet Asset Management Inc. raised its position in shares of Quantum Computing by 35.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock valued at $348,000 after purchasing an additional 11,489 shares during the period. Arizona State Retirement System purchased a new position in shares of Quantum Computing during the 1st quarter valued at $267,000. CWM LLC boosted its holdings in Quantum Computing by 192.4% in the 1st quarter. CWM LLC now owns 10,314 shares of the company’s stock worth $83,000 after buying an additional 6,787 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Quantum Computing by 1,896.4% in the 1st quarter. Victory Capital Management Inc. now owns 228,912 shares of the company’s stock worth $1,831,000 after buying an additional 217,446 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

About Quantum Computing

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.