Quantum Computing (NASDAQ:QUBT) Trading Down 3.3% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 3.3% during trading on Tuesday . The stock traded as low as $8.66 and last traded at $8.80. Approximately 5,711,849 shares traded hands during trading, a decline of 67% from the average daily volume of 17,190,748 shares. The stock had previously closed at $9.10.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research report on Monday, April 28th.

Quantum Computing Trading Up 39.3%

The firm's 50-day moving average price is $7.45 and its 200 day moving average price is $8.28. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -44.38 and a beta of 3.74.

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

Insider Activity

In other news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 31.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diversify Wealth Management LLC acquired a new stake in Quantum Computing in the 4th quarter valued at $331,000. SG Americas Securities LLC acquired a new position in Quantum Computing during the 4th quarter valued at about $626,000. Janney Montgomery Scott LLC bought a new stake in Quantum Computing during the 4th quarter worth approximately $786,000. Veracity Capital LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth approximately $343,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $199,000. 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.