Quantum Computing (NASDAQ:QUBT) Trading Down 2.2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 2.2% during mid-day trading on Friday . The stock traded as low as $11.60 and last traded at $12.86. Approximately 27,477,610 shares were traded during trading, a decline of 1% from the average daily volume of 27,655,717 shares. The stock had previously closed at $13.15.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Ascendiant Capital Markets boosted their price objective 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. Finally, Lake Street Capital began coverage on shares of Quantum Computing in a report on Thursday, September 18th. They issued a “buy” rating and a $24.00 target price on the stock. 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 company. According to data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average target price of $26.33.

Quantum Computing Trading Down 2.2%

The firm’s 50-day simple moving average is $17.72 and its 200 day simple moving average is $15.70. The stock has a market cap of $2.88 billion, a P/E ratio of -18.91 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

Insiders Place Their Bets

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert B. Fagenson sold 35,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $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 valued at $16,805,481 over the last three months. 19.30% of the stock is currently owned by company insiders.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. lifted its stake in Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company’s stock worth $270,000 after acquiring an additional 20,731 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Quantum Computing in the 1st quarter valued at about $798,000. Teacher Retirement System of Texas purchased a new stake in shares of Quantum Computing in the first quarter worth approximately $136,000. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the period. Finally, Swiss National Bank purchased a new position in Quantum Computing during the first quarter valued at approximately $1,806,000. 4.26% of the stock is currently owned by 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.