Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 2% on Thursday . The company traded as low as $16.91 and last traded at $17.13. Approximately 4,283,300 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 25,271,885 shares. The stock had previously closed at $17.47.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Ascendiant Capital Markets increased their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Price Performance

The stock has a market capitalization of $2.64 billion, a PE ratio of -34.84 and a beta of 3.96. The stock has a 50 day moving average of $16.45 and a two-hundred day moving average of $10.87.

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, topping the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analysts' expectations of $0.30 million.

Insider Activity

In other news, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the completion of the transaction, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. The trade was a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the transaction, the insider owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders 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

Several institutional investors have recently added to or reduced their stakes in the business. Compagnie Lombard Odier SCmA increased its stake in Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after purchasing an additional 1,000 shares during the last quarter. Hollencrest Capital Management increased its stake in shares of Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Quantum Computing during the 2nd quarter valued at about $29,000. Tower Research Capital LLC TRC acquired a new position in Quantum Computing during the fourth quarter worth approximately $30,000. Finally, Goldman Sachs Group Inc. increased its position in Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock worth $2,610,000 after purchasing an additional 2,280 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.