Quantum Computing (NASDAQ:QUBT) Shares Down 3.5% - Here's Why

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on QUBT. Ascendiant Capital Markets raised their price target on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald started 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, Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Price Performance

The company's 50-day simple moving average is $14.48 and its two-hundred day simple moving average is $10.84. The firm has a market capitalization of $3.03 billion, a P/E ratio of -39.96 and a beta of 3.96.

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

Insider Buying and Selling

In related news, insider Yuping Huang sold 500,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider directly owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael C. Turmelle sold 200,986 shares of Quantum Computing stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The disclosure for this sale can be found here. Insiders sold 1,059,844 shares of company stock valued at $14,685,149 in the last 90 days. Corporate insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Quantum Computing in the 2nd quarter worth $328,000. Focus Financial Network Inc. boosted its stake in shares of Quantum Computing by 34.1% in the second quarter. Focus Financial Network Inc. now owns 254,037 shares of the company's stock worth $4,870,000 after acquiring an additional 64,570 shares during the period. Modus Advisors LLC grew its position in shares of Quantum Computing by 13.6% during the second quarter. Modus Advisors LLC now owns 19,200 shares of the company's stock worth $368,000 after purchasing an additional 2,300 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Quantum Computing during the 2nd quarter valued at approximately $29,000. Finally, Rhumbline Advisers purchased a new position in Quantum Computing in the 1st quarter worth approximately $28,000. Hedge funds and other 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.