Quantum Computing (NASDAQ:QUBT) Shares Down 2.5% - Here's What Happened

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares declined by 2.5%, trading as low as $20.57 during mid-day trading with a significant increase in volume, totaling over 52 million shares exchanged.
• Analysts have mixed opinions on QUBT, with recent downgrades and price targets ranging from $15.00 to $40.00, leading to an average price target of $26.33.
• Insider trading activity included significant sales by directors, with insiders selling over 1.15 million shares over the last ninety days, representing a notable decrease in their ownership.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price fell 2.5% during trading on Wednesday . The stock traded as low as $20.57 and last traded at $21.23. 52,777,203 shares traded hands during mid-day trading, an increase of 97% from the average session volume of 26,794,859 shares. The stock had previously closed at $21.78.

Analyst Ratings Changes

Several brokerages have recently commented on QUBT. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Lake Street Capital began coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Ascendiant Capital Markets increased their price objective on Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Finally, Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Quantum Computing currently has an average rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Stock Performance

The company has a 50-day simple moving average of $17.64 and a two-hundred day simple moving average of $14.51. The firm has a market capitalization of $4.76 billion, a P/E ratio of -31.22 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling at Quantum Computing

In other news, Director Javad Shabani sold 20,000 shares of Quantum Computing stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $15.30, for a total transaction of $306,000.00. Following the completion of the transaction, the director directly owned 17,474 shares in the company, valued at approximately $267,352.20. This trade represents a 53.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,649 shares of company stock valued at $16,805,481 over the last ninety days. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in QUBT. Rhumbline Advisers purchased a new position in Quantum Computing in the 1st quarter worth approximately $28,000. Nisa Investment Advisors LLC bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $28,000. Farther Finance Advisors LLC grew its position in shares of Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company's stock valued at $28,000 after acquiring an additional 1,319 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $29,000. Finally, Hollencrest Capital Management boosted its holdings in Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after buying an additional 1,500 shares during the period. 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.

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