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Quantum Computing (NASDAQ:QUBT) Stock Price Down 5.8% - Here's Why

Quantum Computing logo with Computer and Technology background

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) were down 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 traded hands 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.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on QUBT shares. Ascendiant Capital Markets upped their target price 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. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald began coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock.

Check Out Our Latest Research Report on QUBT

Quantum Computing Price Performance

The firm's 50 day moving average is $15.79 and its two-hundred day moving average is $10.88. The firm has a market capitalization of $3.08 billion, a P/E ratio of -40.64 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates 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 related news, CFO Christopher Boehmler sold 96,679 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total value of $1,542,996.84. Following the sale, the chief financial officer directly owned 131,060 shares in the company, valued at $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction 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 completion of the transaction, the insider owned 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. PFG Investments LLC bought a new position in shares of Quantum Computing during the 2nd quarter worth $1,128,000. Janney Montgomery Scott LLC bought a new position in shares of Quantum Computing during the 2nd quarter worth $772,000. Compagnie Lombard Odier SCmA boosted its stake in Quantum Computing by 53.5% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock worth $55,000 after purchasing an additional 1,000 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Quantum Computing in the 2nd quarter worth about $328,000. Finally, Focus Financial Network Inc. boosted its stake in Quantum Computing by 34.1% in the 2nd quarter. Focus Financial Network Inc. now owns 254,037 shares of the company's stock worth $4,870,000 after purchasing an additional 64,570 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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