Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded down 10.9% on Tuesday . The company traded as low as $13.71 and last traded at $13.71. 24,595,519 shares traded hands during trading, a decline of 11% from the average session volume of 27,711,875 shares. The stock had previously closed at $15.38.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Lake Street Capital assumed coverage on shares of Quantum Computing in a report on Thursday, September 18th. They set a "buy" rating and a $24.00 target price on the stock. Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a report on Wednesday, October 8th. Finally, Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $26.33.
Check Out Our Latest Report on Quantum Computing
Quantum Computing Trading Down 10.9%
The stock's 50-day moving average is $17.88 and its 200-day moving average is $15.56. The stock has a market cap of $3.07 billion, a P/E ratio of -20.16 and a beta of 3.85.
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, meeting analysts' consensus estimates of ($0.06). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.
Insider Buying and Selling at Quantum Computing
In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the transaction, the chief executive officer directly owned 21,287,718 shares in the company, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing 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 dated Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,154,649 shares of company stock worth $16,805,481. Company insiders own 19.30% of the company's stock.
Institutional Trading of Quantum Computing
A number of hedge funds have recently made changes to their positions in QUBT. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 116.8% in the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock worth $50,433,000 after purchasing an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Quantum Computing in the second quarter worth approximately $19,543,000. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Quantum Computing in the first quarter worth approximately $7,084,000. Finally, Focus Financial Network Inc. lifted its position in shares of Quantum Computing by 339.9% in the third quarter. Focus Financial Network Inc. now owns 1,117,431 shares of the company's stock worth $20,572,000 after purchasing an additional 863,394 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(
Get Free Report)
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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