Quantum Computing (NASDAQ:QUBT) Shares Down 10.8% - Time to Sell?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell by 10.8% during mid-day trading, with a notable increase in trading volume of 95% compared to its average daily volume.
• Analyst ratings for QUBT have been mixed, with one firm raising its target price from $22.00 to $40.00 while others issued ratings ranging from "strong sell" to "buy", resulting in a consensus rating of "hold" and a target of $26.33.
• The company reported a revenue of $0.06 million and an EPS of ($0.06), matching analysts' expectations for the quarter, but falling short of revenue expectations.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 10.8% during mid-day trading on Friday . The company traded as low as $19.01 and last traded at $19.02. Approximately 51,411,076 shares traded hands during trading, an increase of 95% from the average daily volume of 26,425,092 shares. The stock had previously closed at $21.32.

Analyst Ratings Changes

QUBT has been the topic of several research reports. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Lake Street Capital started coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 price target on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a research report on Wednesday. Finally, Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Price Performance

The company has a 50-day moving average price of $17.34 and a 200 day moving average price of $14.21. The firm has a market capitalization of $3.55 billion, a PE ratio of -27.96 and a beta of 3.85.

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

Insider Activity

In other Quantum Computing news, Director Robert B. Fagenson sold 5,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,154,649 shares of company stock worth $16,805,481. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Focus Financial Network Inc. grew its stake in Quantum Computing by 339.9% during the 3rd quarter. Focus Financial Network Inc. now owns 1,117,431 shares of the company's stock valued at $20,572,000 after purchasing an additional 863,394 shares during the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Quantum Computing by 565.4% in the 3rd quarter. AdvisorNet Financial Inc now owns 17,926 shares of the company's stock valued at $330,000 after acquiring an additional 15,232 shares during the last quarter. Toth Financial Advisory Corp boosted its holdings in Quantum Computing by 100.0% in the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. Veracity Capital LLC boosted its stake in shares of Quantum Computing by 7.9% in the third quarter. Veracity Capital LLC now owns 40,088 shares of the company's stock worth $738,000 after buying an additional 2,932 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its position in Quantum Computing by 166.2% in the 2nd quarter. Osaic Holdings Inc. now owns 125,607 shares of the company's stock worth $2,408,000 after purchasing an additional 78,424 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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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