Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% - Should You Sell?

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) fell 1.8% during trading 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

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

Quantum Computing Trading Down 3.4%

The firm's fifty day moving average price is $16.52 and its 200-day moving average price is $10.87. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -33.65 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 Activity

In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the transaction, the insider owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock worth $14,685,149 in the last 90 days. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently bought and sold shares of the company. CWM LLC increased its holdings in shares of Quantum Computing by 12.9% in the 2nd quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after purchasing an additional 1,329 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Quantum Computing in the 2nd quarter valued at about $225,000. Concurrent Investment Advisors LLC purchased a new position in shares of Quantum Computing in the 2nd quarter valued at about $1,003,000. SLT Holdings LLC increased its holdings in shares of Quantum Computing by 111.5% in the 2nd quarter. SLT Holdings LLC now owns 69,250 shares of the company's stock valued at $1,328,000 after purchasing an additional 36,500 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of Quantum Computing by 20.9% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 27,200 shares of the company's stock valued at $521,000 after purchasing an additional 4,700 shares in the last quarter. Hedge funds and other 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.