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

Key Points

• Quantum Computing Inc. saw its shares gap down from $24.62 to $21.65 before trading on Monday, with a last traded price of $21.90 and a substantial volume of over 34 million shares.
• Analyst ratings for Quantum Computing are mixed, with a consensus rating of "Hold" and a target price of $26.33, while two analysts gave it a "Buy" rating and others issued "Sell" ratings.
• Recent insider sales indicate caution, as significant shares were sold by company executives, with insiders having sold over 1.15 million shares valued at approximately $16.8 million in the last ninety days.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $24.62, but opened at $21.65. Quantum Computing shares last traded at $21.90, with a volume of 34,036,315 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research report on Friday. Lake Street Capital started 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. Wall Street Zen downgraded shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $26.33.

Quantum Computing Price Performance

The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -32.59 and a beta of 3.85. The business has a fifty day moving average price of $16.84 and a 200 day moving average price of $13.92.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Transactions at Quantum Computing

In related news, Director Robert B. Fagenson sold 5,000 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $16.88, for a total transaction of $84,400.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CRO Pouya Dianat sold 17,175 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale can be found here. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 in the last ninety days. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Rhumbline Advisers acquired a new stake in shares of Quantum Computing during the 1st quarter valued at about $28,000. Nisa Investment Advisors LLC bought a new position in Quantum Computing during the second quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Quantum Computing during the second quarter worth about $29,000. Hollencrest Capital Management boosted its holdings in 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 purchasing an additional 1,500 shares in the last quarter. Finally, FWL Investment Management LLC bought a new stake in shares of Quantum Computing in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.