Quantum Computing (NASDAQ:QUBT) Shares Down 8% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) experienced an 8% drop in share price, trading as low as $15.31, with an increased trading volume compared to its average.
• Analyst ratings for QUBT are mixed, with Lake Street Capital issuing a buy rating with a price target of $24.00, while Wall Street Zen downgraded the stock to a strong sell rating.
• The company reported earnings of ($0.06) per share, meeting estimates, but revenue of $0.06 million fell short of projections, highlighting ongoing challenges.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 8% during trading on Monday . The stock traded as low as $15.31 and last traded at $15.38. Approximately 31,995,205 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 27,735,758 shares. The stock had previously closed at $16.71.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on QUBT shares. Lake Street Capital started coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $26.33.

Quantum Computing Stock Down 8.0%

The company's fifty day moving average is $17.88 and its two-hundred day moving average is $15.50. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -22.62 and a beta of 3.85.

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

In other Quantum Computing news, Director Robert B. Fagenson sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $16.88, for a total transaction of $84,400.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Javad Shabani sold 17,474 shares of the firm'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. The SEC filing for this sale provides additional information. Insiders sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last ninety days. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of QUBT. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after acquiring an additional 20,731 shares during the period. KBC Group NV acquired a new position in shares of Quantum Computing in the 1st quarter valued at $41,000. Teacher Retirement System of Texas acquired a new position in shares of Quantum Computing in the 1st quarter valued at $136,000. Bank of New York Mellon Corp acquired a new position in shares of Quantum Computing in the 1st quarter valued at $156,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Quantum Computing by 35.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company's stock valued at $348,000 after acquiring an additional 11,489 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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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