Quantum Computing (NASDAQ:QUBT) Trading Down 3.5% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares were down 3.5% during trading on Wednesday . The stock traded as low as $18.61 and last traded at $18.68. Approximately 6,602,575 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 22,661,169 shares. The stock had previously closed at $19.35.

Wall Street Analyst Weigh In

Several research analysts have recently commented on QUBT shares. Ascendiant Capital Markets lifted 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. Cantor Fitzgerald started coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Finally, 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 Performance

The stock has a 50-day moving average of $14.67 and a 200-day moving average of $10.80.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.

Insider Buying and Selling

In related news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the sale, the insider directly owned 21,236,906 shares in the company, valued at $248,471,800.20. The trade was a 2.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by company insiders.

Institutional Trading of Quantum Computing

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after acquiring an additional 1,004,675 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Quantum Computing during the 4th quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing during the 4th quarter valued at $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Quantum Computing during the 1st quarter valued at $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Quantum Computing during the 4th quarter valued at $13,953,000. Institutional investors 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.