Quantum Computing (NASDAQ:QUBT) Trading Down 11.2% – Time to Sell?

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

Wall Street Analyst Weigh In

Several analysts have issued reports on QUBT shares. Ascendiant Capital Markets upped their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Lake Street Capital dropped their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday. Finally, Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.67.

Quantum Computing Stock Down 11.2%

The company has a market capitalization of $2.30 billion, a P/E ratio of -15.10 and a beta of 3.82. The company has a 50-day moving average of $17.12 and a two-hundred day moving average of $15.95.

Quantum Computing (NASDAQ:QUBT) last announced 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 firm had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Insider Buying and Selling at Quantum Computing

In related news, CEO Yuping Huang sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the sale, the chief executive officer owned 21,287,718 shares of the company’s stock, valued at $306,756,016.38. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Javad Shabani sold 20,000 shares of the company’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $15.30, for a total transaction of $306,000.00. Following the completion of the sale, the director owned 17,474 shares in the company, valued at approximately $267,352.20. This trade represents a 53.37% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,154,649 shares of company stock valued at $16,805,481. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in QUBT. Nisa Investment Advisors LLC bought a new position in shares of Quantum Computing during the second quarter valued at $28,000. Farther Finance Advisors LLC grew its position in Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares during the last quarter. Rhumbline Advisers bought a new stake in Quantum Computing during the 1st quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the second quarter worth about $29,000. Finally, FWL Investment Management LLC bought a new position in shares of Quantum Computing in the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.