Quantum Computing (NASDAQ:QUBT) Shares Down 2.2% - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares fell 2.2% during mid-day trading on Tuesday . The stock traded as low as $19.41 and last traded at $19.44. 6,806,938 shares changed hands during trading, a decline of 70% from the average session volume of 22,602,660 shares. The stock had previously closed at $19.88.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on QUBT. Ascendiant Capital Markets boosted their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock.

Quantum Computing Stock Performance

The company has a market capitalization of $2.78 billion, a P/E ratio of -36.91 and a beta of 3.96. The firm has a 50 day moving average price of $14.48 and a two-hundred day moving average price of $10.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million.

Insider Buying and Selling

In other news, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. The trade was a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total value of $928,800.00. Following the completion of the transaction, the chief financial officer directly owned 351,152 shares in the company, valued at $7,023,040. The trade was a 11.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,059,844 shares of company stock valued at $14,685,149. 19.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after acquiring an additional 1,004,675 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Quantum Computing in the 1st quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $13,953,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.