Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.3% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 6.3% on Wednesday . The stock traded as low as $11.35 and last traded at $11.56. Approximately 31,257,547 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 28,052,783 shares. The stock had previously closed at $12.34.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on QUBT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday. 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. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Lake Street Capital dropped their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.67.

Quantum Computing Stock Down 0.9%

The business’s fifty day moving average is $16.87 and its two-hundred day moving average is $15.93. The stock has a market capitalization of $2.28 billion, a PE ratio of -14.97 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.05) 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, CEO Yuping Huang sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer directly owned 21,287,718 shares of the company’s stock, valued at $306,756,016.38. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert B. Fagenson sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total value of $543,200.00. Following the transaction, the director directly owned 50,000 shares in the company, valued at approximately $776,000. This represents a 41.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last 90 days. 19.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 23.1% in the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after acquiring an additional 2,286,514 shares during the period. Alyeska Investment Group L.P. bought a new position in Quantum Computing during the 3rd quarter valued at about $123,014,000. Anson Funds Management LP grew its holdings in Quantum Computing by 14.9% during the 3rd quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares during the last quarter. Ghisallo Capital Management LLC purchased a new stake in Quantum Computing in the 3rd quarter worth about $74,194,000. Finally, Polar Asset Management Partners Inc. lifted its stake in Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after purchasing an additional 1,127,427 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.