Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price fell 5.1% during trading on Tuesday . The stock traded as low as $16.71 and last traded at $16.94. 8,375,636 shares changed hands during trading, a decline of 64% from the average session volume of 23,367,896 shares. The stock had previously closed at $17.85.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on QUBT shares. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. 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 target for the company. Finally, Ascendiant Capital Markets upped their price target 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.
View Our Latest Report on Quantum Computing
Quantum Computing Stock Performance
The business's fifty day moving average is $15.79 and its two-hundred day moving average is $10.78. The company has a market cap of $2.67 billion, a P/E ratio of -35.18 and a beta of 3.96.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted 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 the consensus estimate of $0.30 million.
Insider Activity at Quantum Computing
In other news, CFO Christopher Boehmler sold 46,440 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the sale, the chief financial officer directly owned 351,152 shares of the company's stock, valued at $7,023,040. This represents a 11.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction 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 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 disclosure for this sale can be found here. Insiders sold a total of 1,059,844 shares of company stock worth $14,685,149 in the last quarter. 19.30% of the stock is currently owned by company insiders.
Institutional Trading of Quantum Computing
A number of hedge funds have recently added to or reduced their stakes in QUBT. Ameritas Advisory Services LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $227,000. PFG Investments LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $1,128,000. Janney Montgomery Scott LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $772,000. Compagnie Lombard Odier SCmA raised its position in shares of Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after buying an additional 1,000 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $328,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
About Quantum Computing
(
Get Free Report)
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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