Quantum Computing (NASDAQ:QUBT) Shares Down 7.5% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price traded down 7.5% during trading on Monday . The company traded as low as $11.20 and last traded at $11.91. 22,592,937 shares traded hands during trading, an increase of 26% from the average session volume of 17,915,260 shares. The stock had previously closed at $12.87.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Monday, April 28th.

Quantum Computing Stock Down 8.1%

The company has a market cap of $1.67 billion, a P/E ratio of -40.79 and a beta of 3.74. The firm's 50 day moving average is $7.45 and its two-hundred day moving average is $8.33.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the firm posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This trade represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of QUBT. Vanguard Group Inc. lifted its position in Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after purchasing an additional 1,004,675 shares during the period. Alyeska Investment Group L.P. bought a new position in Quantum Computing during the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing during the fourth quarter valued at approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Quantum Computing during the first quarter valued at approximately $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing during the fourth quarter valued at approximately $13,953,000. Institutional investors 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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