Quantum Computing (NASDAQ:QUBT) Shares Down 1.9% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded down 1.9% during mid-day trading on Wednesday . The company traded as low as $16.80 and last traded at $17.19. 9,017,149 shares were traded during trading, a decline of 59% from the average session volume of 21,826,220 shares. The stock had previously closed at $17.53.

Analysts Set New Price Targets

Several equities research analysts have recently commented on QUBT shares. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Down 3.0%

The stock has a market cap of $2.40 billion, a P/E ratio of -35.38 and a beta of 3.85. The stock has a fifty day simple moving average of $11.50 and a 200-day simple moving average of $10.30.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.18. The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million.

Insider Buying and Selling

In other news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider now directly owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,059,844 shares of company stock valued at $14,685,149. 19.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers bought a new stake in shares of Quantum Computing in the first quarter valued at about $28,000. GK Wealth Management LLC acquired a new stake in Quantum Computing in the 1st quarter valued at approximately $88,000. Intrua Financial LLC bought a new stake in Quantum Computing in the 1st quarter valued at approximately $385,000. Goldman Sachs Group Inc. lifted its stake in Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock valued at $2,610,000 after acquiring an additional 2,280 shares in the last quarter. Finally, PharVision Advisers LLC acquired a new position in Quantum Computing during the 1st quarter worth approximately $171,000. Institutional investors own 4.26% of the company's stock.

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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