Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.6% - Here's Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 1.6% during trading on Tuesday . The company traded as low as $12.76 and last traded at $13.10. Approximately 21,670,758 shares were traded during trading, an increase of 15% from the average daily volume of 18,891,147 shares. The stock had previously closed at $13.31.

Analyst Upgrades and Downgrades

QUBT has been the topic of a number of research reports. Ascendiant Capital Markets boosted their target price 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 upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Trading Down 8.6%

The stock has a market cap of $1.60 billion, a P/E ratio of -39.17 and a beta of 3.74. The stock's fifty day moving average price is $8.39 and its 200 day moving average price is $8.99.

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

Insider Buying and Selling

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction dated 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 is accessible through this link. Also, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the transaction, the insider now owns 24,051,256 shares in the company, valued at $203,954,650.88. This represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 739,973 shares of company stock worth $8,012,085 in the last quarter. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UNICOM Systems Inc. bought a new position in Quantum Computing during the 4th quarter valued at about $5,707,000. SBI Securities Co. Ltd. bought a new position in Quantum Computing during the 4th quarter valued at about $1,602,000. Raymond James Financial Inc. bought a new position in Quantum Computing during the 4th quarter valued at about $1,924,000. Farther Finance Advisors LLC bought a new position in Quantum Computing during the 4th quarter valued at about $33,000. Finally, Heck Capital Advisors LLC bought a new position in Quantum Computing during the 4th quarter valued at about $1,255,000. Institutional investors 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.