Quantum Computing (NASDAQ:QUBT) Shares Down 2.3% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 2.3% during mid-day trading on Friday . The company traded as low as $11.48 and last traded at $11.96. Approximately 21,263,683 shares traded hands during trading, an increase of 23% from the average daily volume of 17,234,803 shares. The stock had previously closed at $12.24.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald decreased their price target on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Wall Street Zen upgraded Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Finally, Rosenblatt Securities restated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Tuesday, March 3rd. Four 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $17.50.

Quantum Computing Stock Down 2.3%

The business has a 50 day simple moving average of $8.91 and a two-hundred day simple moving average of $9.86. The firm has a market cap of $2.70 billion, a PE ratio of -42.71 and a beta of 3.70.

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 business had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. Equities analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the stock in a transaction 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 sale, the chief financial officer owned 1,123,038 shares in the company, valued at $8,815,848.30. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Toth Financial Advisory Corp grew its position in shares of Quantum Computing by 50.0% during 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 in the last quarter. Signaturefd LLC grew its position in shares of Quantum Computing by 36.5% during the 4th quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock worth $38,000 after buying an additional 1,000 shares in the last quarter. Two Sigma Investments LP boosted its position in Quantum Computing by 2.5% during 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 in the last quarter. PNC Financial Services Group Inc. boosted its position in Quantum Computing by 9.2% during 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 in the last quarter. Finally, NewEdge Advisors LLC boosted its position in Quantum Computing by 43.5% during 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 in 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.