Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.9% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 1.9% during trading on Wednesday . The stock traded as low as $16.80 and last traded at $17.19. Approximately 9,017,149 shares changed hands during trading, a decline of 59% from the average daily volume of 21,826,220 shares. The stock had previously closed at $17.53.

Analyst Ratings Changes

Several analysts have issued reports on QUBT shares. Ascendiant Capital Markets upped their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Quantum Computing Stock Up 3.0%

The firm has a 50 day simple moving average of $12.14 and a 200-day simple moving average of $10.47. The stock has a market cap of $2.44 billion, a P/E ratio of -36.02 and a beta of 3.85.

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

Insider Transactions at Quantum Computing

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

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC bought a new position in Quantum Computing during the 4th quarter worth $30,000. IFP Advisors Inc bought a new position in Quantum Computing during the 4th quarter worth $33,000. Farther Finance Advisors LLC bought a new position in Quantum Computing during the 4th quarter worth $33,000. Hollencrest Capital Management bought a new position in Quantum Computing during the 4th quarter worth $41,000. Finally, Signaturefd LLC bought a new position in Quantum Computing during the 4th quarter worth $43,000. 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.