Quantum Computing (NASDAQ:QUBT) Shares Down 4.9% - Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 4.9% on Monday . The stock traded as low as $19.52 and last traded at $20.10. 11,305,394 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 22,625,725 shares. The stock had previously closed at $21.13.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. 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. Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Finally, Ascendiant Capital Markets boosted 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.

Quantum Computing Price Performance

The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -41.42 and a beta of 3.96. The business's 50-day moving average price is $13.74 and its two-hundred day moving average price is $10.72.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.13 earnings per share 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 Transactions at Quantum Computing

In other Quantum Computing news, CFO Christopher Boehmler sold 46,440 shares of Quantum Computing stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the completion of the transaction, the chief financial officer owned 351,152 shares of the company's stock, valued at $7,023,040. The trade was a 11.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction 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 three months. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

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