Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.5% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was 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 trading, a decline of 71% from the average daily volume of 22,661,169 shares. The stock had previously closed at $19.35.

Analysts Set New Price Targets

Several equities research analysts recently commented on QUBT shares. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. 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 on the stock. Finally, Ascendiant Capital Markets upped their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th.

Quantum Computing Stock Down 0.3%

The stock has a market cap of $3.01 billion, a P/E ratio of -39.78 and a beta of 3.96. The business has a 50-day simple moving average of $14.24 and a 200-day simple moving average of $10.84.

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

Insider Transactions at Quantum Computing

In related news, CFO Christopher Boehmler sold 96,679 shares of the company'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 directly owned 131,060 shares in the company, valued at approximately $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,059,844 shares of company stock valued at $14,685,149. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Quantum Computing in the second quarter worth about $29,000. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the 4th quarter worth about $30,000. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at about $33,000. Hollencrest Capital Management bought a new position in shares of Quantum Computing during the 4th quarter valued at about $41,000. Finally, Signaturefd LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at about $43,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.