Quantum Computing (NASDAQ:QUBT) Shares Down 3.9% - Time to Sell?

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

Wall Street Analyst Weigh In

QUBT has been the topic of several recent research reports. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target on the stock.

Quantum Computing Stock Down 5.9%

The company has a fifty day simple moving average of $14.48 and a 200-day simple moving average of $10.84. The firm has a market cap of $2.85 billion, a P/E ratio of -37.63 and a beta of 3.96.

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

Insider Activity

In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Christopher Boehmler sold 96,679 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $2,091,717.60. This trade represents a 42.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently modified their holdings of QUBT. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $69,613,000. Anson Funds Management LP purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing during the 1st quarter valued at approximately $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Quantum Computing in the fourth quarter valued at $13,953,000. Institutional investors own 4.26% of the company's stock.

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.

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