Quantum Computing (NASDAQ:QUBT) Shares Down 3.9% - Here's Why

Key Points

• Quantum Computing Inc. shares fell by 3.9% to $20.58, with trading volume significantly up at approximately 45.9 million shares, an 86% increase over the average.
• Analysts hold a consensus rating of "Moderate Buy" for QUBT, with varying price targets ranging from $15.00 to $24.00.
• Insider trading included a major sale by CEO Yuping Huang, who sold 1 million shares, reducing his ownership by 4.49% but still retaining over 21 million shares valued at approximately $307 million.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price dropped 3.9% during trading on Thursday . The company traded as low as $19.21 and last traded at $20.58. Approximately 45,942,980 shares traded hands during mid-day trading, an increase of 86% from the average daily volume of 24,662,084 shares. The stock had previously closed at $21.41.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of recent research reports. Ascendiant Capital Markets raised 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. Lake Street Capital started coverage on Quantum Computing in a report on Thursday, September 18th. They set a "buy" rating and a $24.00 price target on the stock. Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Finally, Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.33.

Quantum Computing Price Performance

The company has a market cap of $3.29 billion, a PE ratio of -30.26 and a beta of 3.88. The company has a 50-day moving average of $16.51 and a 200 day moving average of $13.16.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.10 million.

Insiders Place Their Bets

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the transaction, the chief executive officer owned 21,287,718 shares in the company, valued at $306,756,016.38. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Javad Shabani sold 20,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $15.30, for a total value of $306,000.00. Following the completion of the sale, the director owned 17,474 shares of the company's stock, valued at $267,352.20. The trade was a 53.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,154,649 shares of company stock worth $16,805,481 over the last three months. 19.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Quantum Computing

A number of large investors have recently modified their holdings of QUBT. Cambridge Investment Research Advisors Inc. lifted its holdings in Quantum Computing by 159.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock worth $270,000 after buying an additional 20,731 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Quantum Computing during the 1st quarter valued at $798,000. Teacher Retirement System of Texas purchased a new stake in shares of Quantum Computing during the 1st quarter valued at $136,000. Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 1,004,675 shares during the last quarter. Finally, Swiss National Bank purchased a new position in Quantum Computing in the 1st quarter worth $1,806,000. 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.

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