Quantum Computing (NASDAQ:QUBT) Stock Price Down 13.1% - What's Next?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell by 13.1% amidst heavy trading, trading at a low of $18.41 before recovering to $20.21.
• Wall Street analysts have provided mixed ratings, with one firm downgrading the stock to a strong sell while others maintain buy ratings and price targets between $22.00 and $24.00.
• Insider trading is notable, with CEO Yuping Huang selling 1,000,000 shares recently, while 19.30% of the stock is currently owned by insiders.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded down 13.1% during mid-day trading on Monday . The stock traded as low as $18.41 and last traded at $20.21. 80,362,270 shares were traded during mid-day trading, an increase of 231% from the average session volume of 24,307,295 shares. The stock had previously closed at $23.27.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Lake Street Capital initiated coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price on the stock. Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective on the stock. Finally, Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Quantum Computing Stock Performance

The business has a 50-day moving average of $16.37 and a 200-day moving average of $13.04. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of -31.28 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released 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 firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

Insider Buying and Selling

In other news, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Javad Shabani sold 20,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $15.30, for a total value of $306,000.00. Following the sale, the director owned 17,474 shares of the company's stock, valued at approximately $267,352.20. The trade was a 53.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently modified their holdings of QUBT. Geode Capital Management LLC raised its stake in shares of Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock worth $50,433,000 after purchasing an additional 1,416,928 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Quantum Computing during the second quarter worth approximately $19,543,000. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing during the first quarter worth $7,084,000. Finally, Invesco Ltd. acquired a new position in Quantum Computing during the second quarter worth $16,035,000. 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.