Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.8% After Insider Selling

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded down 2.8% on Thursday following insider selling activity. The company traded as low as $18.15 and last traded at $18.44. 33,013,997 shares traded hands during trading, an increase of 60% from the average session volume of 20,630,657 shares. The stock had previously closed at $18.97.

Specifically, CFO Christopher Boehmler sold 83,495 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $19.92, for a total value of $1,663,220.40. Following the transaction, the chief financial officer now owns 47,565 shares of the company's stock, valued at approximately $947,494.80. The trade was a 63.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was 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 now directly owns 131,060 shares in the company, valued at approximately $2,091,717.60. This represents a 42.45% decrease in their position. The disclosure for this sale can be found here. In other news, CFO Christopher Boehmler sold 92,271 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $15.00, for a total transaction of $1,384,065.00. Following the completion of the sale, the chief financial officer now owns 227,739 shares in the company, valued at $3,416,085. The trade was a 28.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

A number of research firms have recently weighed in on QUBT. Ascendiant Capital Markets boosted their target price on 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 Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Down 7.7%

The business has a fifty day moving average of $9.58 and a 200 day moving average of $9.62. The firm has a market cap of $2.47 billion, a P/E ratio of -60.38 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the prior year, the business earned ($0.09) EPS.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of Quantum Computing during the fourth quarter worth about $1,602,000. Raymond James Financial Inc. bought a new position in shares of Quantum Computing during the fourth quarter worth about $1,924,000. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the fourth quarter worth about $33,000. Heck Capital Advisors LLC bought a new position in shares of Quantum Computing during the fourth quarter worth about $1,255,000. Finally, Stifel Financial Corp bought a new position in shares of Quantum Computing during the fourth quarter worth about $679,000. 4.26% of the stock is currently owned by 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.