Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.9% - What's Next?

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

Analysts Set New Price Targets

Several research analysts have commented on QUBT shares. Ascendiant Capital Markets lifted 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. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock.

Quantum Computing Trading Up 0.2%

The company has a 50-day moving average price of $14.48 and a two-hundred day moving average price of $10.84. The stock has a market capitalization of $3.03 billion, a P/E ratio of -39.96 and a beta of 3.96.

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

Insider Transactions at Quantum Computing

In other news, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 131,060 shares of the company's stock, valued at $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the sale, the insider directly owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,059,844 shares of company stock valued at $14,685,149 in the last 90 days. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Quantum Computing during the fourth quarter valued at $1,924,000. Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth $33,000. Heck Capital Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth $1,255,000. Stifel Financial Corp purchased a new stake in shares of Quantum Computing in the fourth quarter worth $679,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Quantum Computing in the fourth quarter worth $712,000. 4.26% of the stock is owned by institutional investors.

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.