Quantum Computing (NASDAQ:QUBT) Trading Down 6.1% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 6.1% on Tuesday . The stock traded as low as $17.95 and last traded at $18.00. 8,337,349 shares traded hands during trading, a decline of 63% from the average session volume of 22,252,390 shares. The stock had previously closed at $19.17.

Wall Street Analyst Weigh In

Several analysts recently commented on QUBT shares. Ascendiant Capital Markets lifted their price objective on 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 upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Quantum Computing Price Performance

The company has a market capitalization of $2.63 billion, a P/E ratio of -38.83 and a beta of 3.96. The firm's 50-day moving average is $12.66 and its 200-day moving average is $10.68.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $0.04 million for the quarter, compared to analysts' expectations of $0.30 million.

Insider Buying and Selling

In related news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 over the last three months. 19.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the 4th quarter valued at $33,000. Jacobi Capital Management LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $280,000. Modera Wealth Management LLC purchased a new position in shares of Quantum Computing in the fourth quarter valued at about $662,000. SBI Securities Co. Ltd. purchased a new position in shares of Quantum Computing in the fourth quarter valued at about $1,602,000. Finally, Mission Wealth Management LP bought a new position in shares of Quantum Computing in the fourth quarter worth about $1,986,000. Hedge funds and other 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.