Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares dropped 5.8% during mid-day trading on Tuesday . The company traded as low as $17.85 and last traded at $17.84. Approximately 11,509,720 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 22,901,903 shares. The stock had previously closed at $18.94.
Wall Street Analysts Forecast Growth
QUBT has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th.
Read Our Latest Stock Report on QUBT
Quantum Computing Trading Up 7.4%
The company has a market cap of $3.12 billion, a price-to-earnings ratio of -41.19 and a beta of 3.96. The company has a fifty day moving average price of $15.34 and a two-hundred day moving average price of $10.85.
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 for the quarter, topping the consensus estimate of ($0.05) by $0.18. The firm had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.
Insider Transactions at Quantum Computing
In other news, CFO Christopher Boehmler sold 46,440 shares of Quantum Computing stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $928,800.00. Following the sale, the chief financial officer owned 351,152 shares of the company's stock, valued at approximately $7,023,040. This trade represents a 11.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the firm'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 owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade 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 quarter. 19.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Quantum Computing
Hedge funds and other institutional investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing during the 2nd quarter worth approximately $29,000. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $30,000. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Signaturefd LLC bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $43,000. Finally, Compagnie Lombard Odier SCmA lifted its position in shares of Quantum Computing by 53.5% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after buying an additional 1,000 shares during the period. Institutional investors own 4.26% of the company's stock.
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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