Quantum Computing (NASDAQ:QUBT) Director Sells $468,900.00 in Stock

Key Points

• Director Robert Fagenson of Quantum Computing Inc. sold 30,000 shares at an average price of $15.63, totaling $468,900, resulting in a 60% decrease in his ownership position.
• Quantum Computing's stock increased by 5.0% to reach $17.71, with a significant trading volume of nearly 35 million shares.
• Despite meeting earnings expectations with an EPS of ($0.06), the company reported revenue below projections at $0.06 million compared to an anticipated $0.10 million.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) Director Robert Fagenson sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $15.63, for a total transaction of $468,900.00. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at $312,600. The trade was a 60.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Quantum Computing Stock Up 5.0%

QUBT stock traded up $0.84 during midday trading on Wednesday, hitting $17.71. The company's stock had a trading volume of 34,981,370 shares, compared to its average volume of 23,460,051. Quantum Computing Inc. has a 52-week low of $0.64 and a 52-week high of $27.15. The firm has a market capitalization of $2.83 billion, a P/E ratio of -26.04 and a beta of 3.88. The firm has a 50-day simple moving average of $16.28 and a 200-day simple moving average of $12.58.

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

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. raised its stake in Quantum Computing by 3.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company's stock worth $404,000 after acquiring an additional 770 shares in the last quarter. Compagnie Lombard Odier SCmA raised its stake in Quantum Computing by 53.5% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after acquiring an additional 1,000 shares in the last quarter. CWM LLC raised its stake in Quantum Computing by 12.9% during the 2nd quarter. CWM LLC now owns 11,643 shares of the company's stock worth $223,000 after acquiring an additional 1,329 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in Quantum Computing during the 2nd quarter worth $28,000. Finally, Hollencrest Capital Management grew its position in Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective on the stock. 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. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Quantum Computing has a consensus rating of "Moderate Buy" and a consensus price target of $18.50.

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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