Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.9% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price dropped 3.9% on Friday . The stock traded as low as $18.28 and last traded at $18.43. Approximately 4,778,022 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 22,741,504 shares. The stock had previously closed at $19.18.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. 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 on the stock. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Trading Up 8.7%

The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -39.46 and a beta of 3.96. The stock's fifty day simple moving average is $14.67 and its 200-day simple moving average is $10.74.

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

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the completion of the transaction, the chief financial officer owned 131,060 shares in the company, valued at $2,091,717.60. The trade was a 42.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction on Monday, May 19th. The shares were 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 quarter, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Charles Schwab Investment Management Inc. acquired a new stake in Quantum Computing in the fourth quarter valued at $506,000. Victory Capital Management Inc. purchased a new position in shares of Quantum Computing in the 4th quarter valued at about $190,000. Raymond James Financial Inc. acquired a new stake in shares of Quantum Computing during the 4th quarter worth about $1,924,000. PNC Financial Services Group Inc. purchased a new stake in Quantum Computing during the fourth quarter worth approximately $766,000. Finally, HighTower Advisors LLC acquired a new position in Quantum Computing in the fourth quarter valued at approximately $320,000. 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.