Quantum Computing (NASDAQ:QUBT) Trading Down 7.4% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was down 7.4% during mid-day trading on Monday . The company traded as low as $15.50 and last traded at $17.48. Approximately 23,892,147 shares were traded during trading, an increase of 10% from the average daily volume of 21,735,962 shares. The stock had previously closed at $18.88.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of recent research reports. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th.

Quantum Computing Price Performance

The business's 50-day moving average is $11.92 and its two-hundred day moving average is $10.41. The firm has a market cap of $2.37 billion, a P/E ratio of -34.98 and a beta of 3.85.

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, beating the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million.

Insiders Place Their Bets

In related news, CFO Christopher Boehmler sold 46,440 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the transaction, the chief financial officer now owns 351,152 shares in the company, valued at approximately $7,023,040. This represents a 11.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. Insiders have sold 1,059,844 shares of company stock valued at $14,685,149 in the last 90 days. 19.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently bought and sold shares of QUBT. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the 4th quarter worth $30,000. Farther Finance Advisors LLC bought a new position in Quantum Computing during the fourth quarter worth $33,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Hollencrest Capital Management acquired a new position in shares of Quantum Computing during the fourth quarter worth approximately $41,000. Finally, Signaturefd LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at $43,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.