Quantum Computing (NASDAQ:QUBT) Shares Down 3.4% - Time to Sell?

Key Points

• Quantum Computing Inc. (NASDAQ: QUBT) shares fell 3.4% during trading, closing at $15.59, with a significant drop in trading volume of 82% compared to the average.
• Wall Street analysts have mixed ratings for QUBT, with Ascendiant Capital Markets increasing its target price to $22.00 and a "buy" rating, while Cantor Fitzgerald set a "neutral" rating with a $15.00 target price.
• Insider selling activity included a notable transaction where a director sold 500,000 shares at an average price of $11.70, indicating some level of profit-taking by insiders.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares dropped 3.4% during trading on Tuesday . The company traded as low as $15.67 and last traded at $15.59. Approximately 4,576,983 shares traded hands during trading, a decline of 82% from the average daily volume of 24,997,020 shares. The stock had previously closed at $16.15.

Wall Street Analyst Weigh In

QUBT has been the subject of a number of research reports. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. 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 report on Friday, June 6th. Finally, Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock.

Quantum Computing Price Performance

The stock's 50-day moving average is $16.61 and its 200 day moving average is $10.92. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of -32.76 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released 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 firm had revenue of $0.04 million during the quarter, compared to analysts' expectations of $0.30 million.

Insider Activity

In related news, insider Yuping Huang sold 500,000 shares of the business'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 completion of the sale, the insider owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing during the fourth quarter worth approximately $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing during the fourth quarter worth approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing during the first quarter valued at approximately $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter valued at approximately $13,953,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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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