Quantum Computing (NASDAQ:QUBT) Trading Down 5.5% - Here's Why

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)'s share price dropped 5.5% during trading on Wednesday . The company traded as low as $15.88 and last traded at $15.69. Approximately 6,921,208 shares changed 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.

Wall Street Analysts Forecast Growth

QUBT has been the subject of a number of analyst reports. Cantor Fitzgerald initiated coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company. Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday. Finally, Ascendiant Capital Markets boosted their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Stock Down 0.4%

The firm has a market capitalization of $2.45 billion, a PE ratio of -22.53 and a beta of 4.09. The stock has a 50-day moving average price of $17.55 and a 200 day moving average price of $11.47.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.10 million.

Insider Transactions at Quantum Computing

In related news, 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 transaction of $2,849,981.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total value of $928,800.00. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 over the last ninety days. Company insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. Anson Funds Management LP purchased a new stake in Quantum Computing in the 4th quarter valued at $70,006,000. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing in the 4th quarter valued at $69,613,000. Geode Capital Management LLC grew its holdings in Quantum Computing by 116.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after buying an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in Quantum Computing in the 2nd quarter valued at $19,543,000. Finally, Vanguard Group Inc. grew its holdings in Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after buying an additional 1,004,675 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.