Quantum Computing (NASDAQ:QUBT) Shares Down 6.5% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell by 6.5% on Monday, trading as low as $18.67, following a close at $20.15 the previous session.
• Analysts have mixed sentiment about the stock, with Lake Street Capital setting a "buy" rating and a $24 price target, while Wall Street Zen issued a "strong sell" rating.
• Insider trading activity has included significant sales, with key directors disposing of over 1.1 million shares in the last three months, raising concerns about insider confidence in the stock.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 6.5% on Monday . The company traded as low as $18.67 and last traded at $18.85. 32,535,861 shares traded hands during trading, an increase of 31% from the average session volume of 24,870,535 shares. The stock had previously closed at $20.15.

Analysts Set New Price Targets

A number of brokerages have weighed in on QUBT. Lake Street Capital began coverage on Quantum Computing in a research report on Thursday, September 18th. They set a "buy" rating and a $24.00 price target on the stock. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. 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 report on Friday, June 6th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.33.

Quantum Computing Price Performance

The firm has a 50-day moving average price of $16.54 and a 200 day moving average price of $13.49. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -27.72 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.

Insider Buying and Selling

In related news, Director Javad Shabani sold 17,474 shares of the 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. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert B. Fagenson sold 5,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC acquired a new stake in Quantum Computing during the second quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Quantum Computing during the second quarter worth $29,000. FWL Investment Management LLC bought a new stake in Quantum Computing during the second quarter worth $33,000. Allworth Financial LP bought a new stake in Quantum Computing during the second quarter worth $42,000. Finally, Compagnie Lombard Odier SCmA lifted its stake in Quantum Computing by 53.5% during the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds 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.

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