Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.8% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ: QUBT) experienced a stock price decline of 1.8% on Friday, trading at $16.64, which is a significant drop from its previous close of $16.95.
• The company's market capitalization now stands at $2.61 billion, and it reported a quarterly earnings per share (EPS) of $0.13, surpassing expectations.
• Insider transactions included the sale of 500,000 shares by insider Yuping Huang and 96,679 shares by CFO Christopher Boehmler, indicating notable insider activity in the firm.
• Analyst ratings for QUBT include a "neutral" rating with a price target of $15.00 from Cantor Fitzgerald, while Ascendiant Capital Markets lifted its target price to $22.00 and issued a "buy" rating.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price fell 1.8% on Friday . The stock traded as low as $16.48 and last traded at $16.64. 4,383,704 shares traded hands during trading, a decline of 83% from the average session volume of 25,191,486 shares. The stock had previously closed at $16.95.

Analyst Ratings Changes

A number of research firms have recently weighed in on QUBT. Ascendiant Capital Markets upped their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald started coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Price Performance

The business has a 50-day moving average of $16.52 and a 200 day moving average of $10.86. The company has a market capitalization of $2.64 billion, a PE ratio of -34.81 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to analysts' expectations of $0.30 million.

Insider Buying and Selling

In related news, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the sale, the insider directly owned 21,236,906 shares in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the business'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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,059,844 shares of company stock valued at $14,685,149. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP acquired a new position in shares of Quantum Computing in the 4th quarter valued at $70,006,000. Vanguard Group Inc. raised its stake in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Quantum Computing during the 1st quarter worth about $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing in the fourth quarter valued at about $13,953,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

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.