Quantum Computing (NASDAQ:QUBT) Shares Down 6.1% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 6.1% during trading on Tuesday . The company traded as low as $17.95 and last traded at $18.00. Approximately 8,337,349 shares were traded 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 brokerages recently weighed in on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday. They issued a "neutral" rating and a $15.00 price objective for the company. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Stock Performance

The firm has a 50 day simple moving average of $13.22 and a 200 day simple moving average of $10.81. The firm has a market cap of $2.92 billion, a P/E ratio of -43.21 and a beta of 3.96.

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

Insider Activity

In related news, CFO Christopher Boehmler sold 96,679 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 of the company's stock, valued at $2,091,717.60. This trade represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the transaction, the insider directly 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. In the last three months, insiders sold 1,059,844 shares of company stock worth $14,685,149. Company insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers purchased a new position in Quantum Computing in the first quarter worth $28,000. Tower Research Capital LLC TRC bought a new stake in Quantum Computing during the fourth quarter worth about $30,000. Hollencrest Capital Management boosted 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 worth $32,000 after purchasing an additional 1,500 shares in the last quarter. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at about $33,000. Finally, IFP Advisors Inc purchased a new position in shares of Quantum Computing during the 4th quarter valued at about $33,000. Institutional investors own 4.26% of the company's stock.

Quantum Computing Company Profile

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.