Quantum Computing (NASDAQ:QUBT) Shares Down 6% - Here's What Happened

Key Points

• Quantum Computing shares fell about 6%
• Analyst coverage is mixed—two Buy, one Hold and one Sell—giving a consensus rating of "Hold" and a consensus target price of $26.33.
• Company insiders have been selling recently: CEO Yuping Huang sold 1,000,000 shares (~$14.41 avg) and insiders sold ~1.154M shares worth $16.8M in the past three months, while insiders still own 19.3% of the stock.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 6% during trading on Tuesday . The company traded as low as $11.74 and last traded at $11.94. 28,892,373 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 27,634,256 shares. The stock had previously closed at $12.70.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QUBT. Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a report on Wednesday, October 8th. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a report on Friday, October 3rd. Wall Street Zen downgraded shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Finally, Lake Street Capital initiated coverage on shares of Quantum Computing in a report on Thursday, September 18th. They set a "buy" rating and a $24.00 price objective on the stock. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $26.33.

Quantum Computing Price Performance

The company's fifty day simple moving average is $17.66 and its 200-day simple moving average is $15.81. The firm has a market capitalization of $2.68 billion, a PE ratio of -17.56 and a beta of 3.82.

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

Insiders Place Their Bets

In related news, CEO Yuping Huang sold 1,000,000 shares of Quantum Computing stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer directly owned 21,287,718 shares in the company, valued at $306,756,016.38. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Javad Shabani sold 17,474 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $15.26, for a total transaction of $266,653.24. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last three months. Insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in the stock. J.W. Cole Advisors Inc. increased its position in shares of Quantum Computing by 3.8% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company's stock valued at $404,000 after acquiring an additional 770 shares during the period. Compagnie Lombard Odier SCmA grew its stake in 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 purchasing an additional 1,000 shares during the last quarter. Toth Financial Advisory Corp grew its stake in Quantum Computing by 100.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. Gladstone Institutional Advisory LLC increased its holdings in shares of Quantum Computing by 9.3% in the third quarter. Gladstone Institutional Advisory LLC now owns 12,975 shares of the company's stock valued at $239,000 after purchasing an additional 1,100 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Quantum Computing by 12.5% in the third quarter. Global Retirement Partners LLC now owns 10,055 shares of the company's stock worth $185,000 after purchasing an additional 1,115 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.

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