Quantum Computing (NASDAQ:QUBT) Trading Down 6.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) was down 6.7% during mid-day trading on Wednesday . The stock traded as low as $11.02 and last traded at $11.14. Approximately 24,797,589 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 27,621,539 shares. The stock had previously closed at $11.94.

Analyst Ratings Changes

Several analysts have recently commented on QUBT shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Lake Street Capital began coverage on Quantum Computing in a research report on Thursday, September 18th. They set a “buy” rating and a $24.00 price target for the company. Finally, 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 report on Friday, October 3rd. 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $26.33.

Quantum Computing Stock Down 6.7%

The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -16.38 and a beta of 3.82. The firm has a fifty day moving average price of $17.60 and a 200-day moving average price of $15.84.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.10 million.

Insider Activity at Quantum Computing

In other Quantum Computing news, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Pouya Dianat sold 17,175 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The SEC filing for this sale provides additional information. Insiders sold a total of 1,154,649 shares of company stock valued at $16,805,481 over the last three months. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC acquired a new stake in Quantum Computing during the second quarter worth about $28,000. Farther Finance Advisors LLC grew its holdings in shares of Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares during the period. Rhumbline Advisers acquired a new stake in Quantum Computing during the 1st quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Quantum Computing during the 2nd quarter worth approximately $29,000. Finally, Hollencrest Capital Management raised its stake in shares of Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after acquiring an additional 1,500 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.