Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.1% on Insider Selling

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 2.1% during trading on Wednesday following insider selling activity. The stock traded as low as $11.03 and last traded at $11.26. Approximately 11,786,462 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 18,133,919 shares. The stock had previously closed at $11.51.

Specifically, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note on Monday, April 28th.

Quantum Computing Price Performance

The stock has a 50 day moving average of $7.69 and a 200 day moving average of $8.43. The firm has a market cap of $1.60 billion, a P/E ratio of -39.23 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.20 million. During the same period in the prior year, the firm earned ($0.09) EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. UNICOM Systems Inc. bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $5,707,000. SBI Securities Co. Ltd. purchased a new stake in Quantum Computing during the fourth quarter valued at about $1,602,000. Raymond James Financial Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at about $1,924,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Finally, Stifel Financial Corp bought a new stake in shares of Quantum Computing in the 4th quarter valued at about $679,000. 4.26% of the stock is currently owned by institutional investors.

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.

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