Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.7% - Here's Why

Key Points

• Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell by 2.7% on Friday, with a trading volume significantly lower than average.
• Wall Street analysts recently downgraded the stock, with one firm changing its rating from "hold" to a "strong sell", while another set a price target of $15.00.
• The company reported earnings of (0.06) EPS for the quarter, meeting consensus estimates but falling short on revenue expectations of $0.10 million.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 2.7% on Friday . The company traded as low as $15.39 and last traded at $15.67. 4,123,506 shares changed hands during trading, a decline of 83% from the average session volume of 23,669,254 shares. The stock had previously closed at $16.10.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Cantor Fitzgerald assumed coverage on Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Ascendiant Capital Markets raised their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Quantum Computing has an average rating of "Moderate Buy" and an average price target of $18.50.

Quantum Computing Stock Performance

The firm has a market cap of $2.55 billion, a P/E ratio of -23.39 and a beta of 4.09. The stock has a fifty day simple moving average of $17.06 and a 200 day simple moving average of $11.80.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.10 million.

Insiders Place Their Bets

In related news, Director Michael C. Turmelle sold 200,986 shares of Quantum Computing stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Christopher Boehmler sold 96,679 shares of Quantum Computing stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares in the company, valued at $2,091,717.60. This trade represents a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 519,871 shares of company stock worth $8,369,064. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of QUBT. Nisa Investment Advisors LLC purchased a new position in shares of Quantum Computing in the second quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Quantum Computing in the second quarter valued at about $29,000. FWL Investment Management LLC purchased a new position in shares of Quantum Computing in the second quarter valued at about $33,000. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing in the fourth quarter valued at about $30,000. Finally, Allworth Financial LP purchased a new position in shares of Quantum Computing in the second quarter valued at about $42,000. 4.26% of the stock is currently owned by hedge funds and other 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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