Quantum Computing (NASDAQ:QUBT) Shares Gap Down - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $12.43, but opened at $12.06. Quantum Computing shares last traded at $11.75, with a volume of 3,662,524 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QUBT. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets lifted their price target 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 8.6%

The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -39.17 and a beta of 3.74. The company's 50-day simple moving average is $8.39 and its 200-day simple moving average is $9.04.

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

Insiders Place Their Bets

In other news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the transaction, the insider now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing during the 4th quarter valued at $30,000. IFP Advisors Inc purchased a new position in shares of Quantum Computing during the 4th quarter valued at $33,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at $33,000. Archer Investment Corp bought a new stake in Quantum Computing in the fourth quarter worth $33,000. Finally, Hollencrest Capital Management bought a new stake in Quantum Computing in the fourth quarter worth $41,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.