Quantum Computing (NASDAQ:QUBT) Stock Price Down 7.5% - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 7.5% on Monday . The company traded as low as $11.20 and last traded at $11.91. 22,592,937 shares changed 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on QUBT shares. Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a report on Monday, April 28th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday.

Quantum Computing Trading Up 10.3%

The firm has a market capitalization of $1.88 billion, a P/E ratio of -45.90 and a beta of 3.74. The business has a 50 day moving average of $7.84 and a 200-day moving average of $8.52.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the company earned ($0.09) earnings per share.

Insiders Place Their Bets

In other news, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider now directly owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 739,973 shares of company stock worth $8,012,085. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its position in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company's stock worth $2,610,000 after purchasing an additional 2,280 shares in the last quarter. PharVision Advisers LLC acquired a new stake in Quantum Computing in the 1st quarter valued at $171,000. Millennium Management LLC lifted its position in Quantum Computing by 288.9% during the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company's stock worth $5,212,000 after buying an additional 483,940 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Quantum Computing during the 1st quarter worth about $7,084,000. Finally, Royal Bank of Canada boosted its stake in shares of Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company's stock worth $430,000 after buying an additional 19,527 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.