Wall Street Zen Downgrades Quantum Computing (NASDAQ:QUBT) to Strong Sell

Key Points

• Quantum Computing's stock (NASDAQ:QUBT) has been downgraded from a "hold" to a "strong sell" rating by Wall Street Zen in a recent research report.
• The company's stock is currently down 0.4%, with a 12-month range of $0.58 to $27.15, and a market cap of $2.45 billion.
• Insider transactions have shown significant selling activity, with CFO Christopher Boehmler selling 46,440 shares for approximately $928,800, indicating a shift in insider sentiment towards the stock.

Quantum Computing (NASDAQ:QUBT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "strong sell" rating in a report released on Saturday.

QUBT has been the subject of several other research reports. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Ascendiant Capital Markets boosted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Stock Performance

QUBT traded down $0.77 on Friday, hitting $15.13. 3,583,871 shares of the company were exchanged, compared to its average volume of 24,126,336. Quantum Computing has a 12 month low of $0.58 and a 12 month high of $27.15. The firm has a fifty day simple moving average of $17.59 and a two-hundred day simple moving average of $11.51. The stock has a market capitalization of $2.42 billion, a PE ratio of -22.43 and a beta of 4.09.

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

Insider Buying and Selling

In related news, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total value of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 519,871 shares of company stock worth $8,369,064. Insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently made changes to their positions in QUBT. J.W. Cole Advisors Inc. raised its stake in Quantum Computing by 3.8% in 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 during the last quarter. Compagnie Lombard Odier SCmA grew its position in shares of Quantum Computing by 53.5% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after acquiring an additional 1,000 shares during the period. CWM LLC grew its position in shares of Quantum Computing by 12.9% during the 2nd quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after acquiring an additional 1,329 shares during the period. Nisa Investment Advisors LLC purchased a new position in Quantum Computing in the 2nd quarter valued at about $28,000. Finally, Hollencrest Capital Management lifted its stake in 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 buying an additional 1,500 shares in the last quarter. 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.