Quantum Computing (NASDAQ:QUBT) Stock Price Down 5.7% - What's Next?

Key Points

• Quantum Computing Inc.'s stock (NASDAQ:QUBT) fell by 5.7%, trading between $17.18 and $17.28 on Monday, with trading volume up by 43% compared to the average daily volume.
• Analysts have mixed ratings on QUBT, with a consensus rating of Hold and a price target averaging $26.33, including a recent downgrade to "strong sell" and several "buy" ratings.
• Insider trading activity has shown notable sales, with the Director Javad Shabani selling 20,000 shares, a reduction of over 53% in his position, reflecting ongoing insider sentiment about the stock's performance.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 5.7% during mid-day trading on Monday . The stock traded as low as $17.18 and last traded at $17.28. Approximately 38,735,770 shares changed hands during trading, an increase of 43% from the average daily volume of 27,041,121 shares. The stock had previously closed at $18.33.

Analyst Ratings Changes

QUBT has been the topic of several research reports. Cantor Fitzgerald initiated coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective on the stock. Lake Street Capital started coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 price target on the stock. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Finally, Ascendiant Capital Markets increased their price target on Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing presently has a consensus rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Trading Down 5.7%

The firm has a market cap of $3.87 billion, a price-to-earnings ratio of -25.41 and a beta of 3.85. The company has a 50 day moving average of $17.86 and a 200 day moving average of $14.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.10 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 20,000 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $15.30, for a total transaction of $306,000.00. Following the completion of the transaction, the director owned 17,474 shares in the company, valued at approximately $267,352.20. This represents a 53.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert B. Fagenson sold 35,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $15.52, for a total value of $543,200.00. Following the transaction, the director owned 50,000 shares of the company's stock, valued at approximately $776,000. This trade represents a 41.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last 90 days. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in QUBT. Rhumbline Advisers bought a new position in Quantum Computing during the 1st quarter worth about $28,000. Nisa Investment Advisors LLC bought a new position in shares of Quantum Computing in the 2nd quarter valued at about $28,000. Farther Finance Advisors LLC grew its holdings in shares of Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company's stock valued at $28,000 after acquiring an additional 1,319 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing in the 2nd quarter valued at about $29,000. Finally, Hollencrest Capital Management grew its holdings in shares of Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after acquiring an additional 1,500 shares in 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.

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