Quantum Computing (NASDAQ:QUBT) Trading Down 4% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price dropped 4% on Friday . The company traded as low as $18.95 and last traded at $18.97. Approximately 7,216,579 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 23,183,080 shares. The stock had previously closed at $19.77.

Analyst Ratings Changes

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

Quantum Computing Stock Down 1.3%

The firm has a market cap of $3.08 billion, a P/E ratio of -40.64 and a beta of 3.96. The firm's 50-day simple moving average is $15.79 and its 200 day simple moving average is $10.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.13 EPS for the quarter, topping the consensus estimate 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 Activity at Quantum Computing

In other news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated 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 transaction, the insider owned 21,236,906 shares in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of Quantum Computing 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 1,059,844 shares of company stock worth $14,685,149. Insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently modified their holdings of QUBT. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the first quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Quantum Computing in the second quarter worth about $29,000. Tower Research Capital LLC TRC purchased a new position in Quantum Computing during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management grew its stake in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new position in Quantum Computing during the fourth quarter valued at approximately $33,000. 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.