Quantum Computing (NASDAQ:QUBT) Shares Down 7.1% - What's Next?

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) shares fell by 7.1%, trading between $13.88 and $14.87, with a significant increase in trading volume of 86% compared to the average session.
• Analysts are mixed on the stock, with price targets ranging from a low of $15.00 to as high as $40.00, and an average target price of $26.33.
• Insider activity includes CEO Yuping Huang selling 1 million shares for over $14 million, decreasing his ownership stake, while corporate insiders collectively own 19.30% of the company.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded down 7.1% on Wednesday . The stock traded as low as $13.88 and last traded at $14.87. 50,758,044 shares traded hands during mid-day trading, an increase of 86% from the average session volume of 27,255,084 shares. The stock had previously closed at $16.00.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Ascendiant Capital Markets upped their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Lake Street Capital began coverage on shares of Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 target price for the company. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $26.33.

Quantum Computing Stock Down 7.1%

The firm's 50-day simple moving average is $17.85 and its 200-day simple moving average is $14.88. The firm has a market capitalization of $3.33 billion, a PE ratio of -21.87 and a beta of 3.85.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (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.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the company's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction 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 represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Javad Shabani sold 17,474 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $15.26, for a total transaction of $266,653.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,154,649 shares of company stock valued at $16,805,481. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. Rhumbline Advisers bought a new position in shares of Quantum Computing during the first quarter valued at about $28,000. Nisa Investment Advisors LLC bought a new position in shares of Quantum Computing during the second quarter valued at about $28,000. Farther Finance Advisors LLC raised its stake in shares of Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company's stock valued at $28,000 after acquiring an additional 1,319 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing during the second quarter valued at about $29,000. Finally, Hollencrest Capital Management raised its stake in shares of Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares during the last quarter. 4.26% of the stock is owned by 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.

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