Insider Selling: Quantum Computing (NASDAQ:QUBT) CEO Sells 1,000,000 Shares of Stock

Key Points

• Quantum Computing Inc. CEO Yuping Huang sold 1,000,000 shares at an average price of $14.41, decreasing his position by 4.49%, while still retaining approximately 21.29 million shares valued at around $306.76 million.
• On the trading day following the sale, the company's stock increased by 2.4% to reach $15.11, with a market cap of $2.42 billion.
• Recent analyst reports include a downgrade from Wall Street Zen to a "strong sell" and a price target increase from Ascendiant Capital Markets from $14.00 to $22.00, contributing to a consensus rating of "Moderate Buy" for the stock.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) CEO Yuping Huang sold 1,000,000 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares in the company, valued at approximately $306,756,016.38. This trade represents a 4.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Quantum Computing Stock Up 2.4%

Shares of NASDAQ:QUBT traded up $0.35 on Friday, hitting $15.11. 13,646,347 shares of the company traded hands, compared to its average volume of 23,527,313. The company has a market cap of $2.42 billion, a PE ratio of -22.22 and a beta of 3.88. Quantum Computing Inc. has a 52 week low of $0.58 and a 52 week high of $27.15. The stock has a 50 day simple moving average of $16.83 and a 200-day simple moving average of $12.04.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Analyst Upgrades and Downgrades

QUBT has been the topic of several recent research reports. Wall Street Zen downgraded shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.50.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently modified their holdings of the company. Rhumbline Advisers purchased a new position in Quantum Computing during the first quarter worth about $28,000. Nisa Investment Advisors LLC purchased a new position in Quantum Computing in the second quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the second quarter worth approximately $29,000. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $30,000. Finally, Hollencrest Capital Management raised its holdings in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors 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.

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