Quantum Computing (NASDAQ:QUBT) Shares Down 5.5% - Should You Sell?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell by 5.5%, dropping to $15.69 after reaching a low of $15.88, with trading volume at around 6.9 million shares, significantly lower than the average.
• Research firms have revised their ratings on QUBT, with Wall Street Zen upgrading it from "strong sell" to "hold", and Ascendiant Capital raising its target price from $14 to $22 while issuing a "buy" rating.
• Insider trading activity included Director Javad Shabani selling 39,973 shares at an average price of $11.66, and Director Michael C. Turmelle selling 200,986 shares at an average price of $14.18.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 5.5% on Wednesday . The company traded as low as $15.88 and last traded at $15.69. Approximately 6,921,208 shares traded hands during trading, a decline of 71% from the average daily volume of 24,283,070 shares. The stock had previously closed at $16.60.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on QUBT. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets lifted their target price on 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 Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock.

Quantum Computing Stock Performance

The stock has a 50-day moving average of $17.39 and a 200-day moving average of $11.35. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -33.35 and a beta of 4.09.

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 the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.

Insiders Place Their Bets

In related news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. 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 over the last 90 days. 19.30% of the stock is owned by insiders.

Institutional Trading of Quantum Computing

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC bought a new stake in Quantum Computing in the 2nd quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $29,000. Tower Research Capital LLC TRC bought a new stake in shares of Quantum Computing during the 4th quarter valued at $30,000. Allworth Financial LP bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $42,000. Finally, Compagnie Lombard Odier SCmA lifted its position in shares of Quantum Computing by 53.5% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after acquiring an additional 1,000 shares during the period. 4.26% of the stock is currently 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.

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