Quantum Computing (NASDAQ:QUBT) Shares Down 5.1% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 5.1% during mid-day trading on Tuesday . The company traded as low as $16.71 and last traded at $16.94. Approximately 8,375,636 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 23,367,896 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

Several research analysts have issued reports 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 raised their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th.

Quantum Computing Stock Down 1.4%

The stock's fifty day moving average is $16.45 and its two-hundred day moving average is $10.87.

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

Insiders Place Their Bets

In related news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Yuping Huang sold 500,000 shares of the company'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 value 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. This represents a 2.30% decrease in their position. 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 over the last three months. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC boosted its position in shares of Quantum Computing by 12.9% during the second quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after buying an additional 1,329 shares during the last quarter. Sovereign Financial Group Inc. purchased a new position in Quantum Computing in the second quarter worth about $225,000. Concurrent Investment Advisors LLC purchased a new position in Quantum Computing in the second quarter worth about $1,003,000. SLT Holdings LLC boosted its position in Quantum Computing by 111.5% in the second quarter. SLT Holdings LLC now owns 69,250 shares of the company's stock worth $1,328,000 after purchasing an additional 36,500 shares during the last quarter. Finally, KLP Kapitalforvaltning AS boosted its position in Quantum Computing by 20.9% in the second quarter. KLP Kapitalforvaltning AS now owns 27,200 shares of the company's stock worth $521,000 after purchasing an additional 4,700 shares during the last quarter. Institutional investors own 4.26% of the company's stock.

About Quantum Computing

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.