Quantum Computing (NASDAQ:QUBT) Shares Down 11.7% - What's Next?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell 11.7% on Thursday, dropping from a previous close of $21.23 to a last traded price of $18.74.
• Recent analyst ratings reflect mixed sentiments, with a consensus "Hold" rating and target prices ranging from $15.00 to $40.00.
• Insider selling has increased, with significant sales by company directors totalizing over $16 million in the last ninety days.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 11.7% during trading on Thursday . The stock traded as low as $18.48 and last traded at $18.74. 49,409,410 shares traded hands during mid-day trading, an increase of 84% from the average session volume of 26,910,941 shares. The stock had previously closed at $21.23.

Analyst Ratings Changes

Several brokerages recently commented on QUBT. Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Cantor Fitzgerald assumed coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a report on Wednesday, October 8th. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Lake Street Capital initiated coverage on shares of Quantum Computing in a report on Thursday, September 18th. They set a "buy" rating and a $24.00 price target for the company. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.33.

Quantum Computing Stock Down 11.7%

The stock has a fifty day moving average of $17.74 and a 200-day moving average of $14.56. The firm has a market capitalization of $4.20 billion, a P/E ratio of -27.56 and a beta of 3.85.

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

Insiders Place Their Bets

In related news, Director Javad Shabani sold 20,000 shares of Quantum Computing stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $15.30, for a total value of $306,000.00. Following the completion of the transaction, the director directly owned 17,474 shares of the company's stock, valued at $267,352.20. The trade was a 53.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,154,649 shares of company stock valued at $16,805,481. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Wealth Enhancement Advisory Services LLC acquired a new stake in Quantum Computing in the fourth quarter worth about $166,000. Rhumbline Advisers acquired a new stake in Quantum Computing in the first quarter worth about $28,000. SG Americas Securities LLC increased its position in Quantum Computing by 65.1% in the first quarter. SG Americas Securities LLC now owns 62,430 shares of the company's stock worth $499,000 after purchasing an additional 24,621 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in Quantum Computing in the first quarter worth about $226,000. Finally, Cambridge Investment Research Advisors Inc. increased its position in Quantum Computing by 159.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock worth $270,000 after purchasing an additional 20,731 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.

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