Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 2% on Thursday . The company traded as low as $16.91 and last traded at $17.13. Approximately 4,283,300 shares were traded 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.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of research analyst reports. Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. 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. Finally, 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 Price Performance

The stock has a market cap of $2.64 billion, a P/E ratio of -34.81 and a beta of 3.96. The firm's fifty day moving average price is $16.52 and its two-hundred day moving average price is $10.87.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping 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 Transactions at Quantum Computing

In related news, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the sale, the insider owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,059,844 shares of company stock worth $14,685,149 in the last three months. Insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $506,000. Raymond James Financial Inc. purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $1,924,000. HighTower Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $320,000. Commonwealth Equity Services LLC boosted its holdings in shares of Quantum Computing by 260.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 40,186 shares of the company's stock worth $665,000 after purchasing an additional 29,036 shares during the period. Finally, LPL Financial LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $1,225,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.