Quantum Computing (NASDAQ:QUBT) Shares Down 1.7% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 1.7% during trading on Monday . The company traded as low as $18.84 and last traded at $19.18. 7,538,740 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 23,361,786 shares. The stock had previously closed at $19.51.

Analyst Ratings Changes

QUBT has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Price Performance

The stock has a market cap of $2.68 billion, a P/E ratio of -35.31 and a beta of 3.96. The company has a fifty day moving average price of $16.29 and a 200 day moving average price of $10.87.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million.

Insider Buying and Selling

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction dated Monday, May 19th. The shares were 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 in the company, valued at $248,471,800.20. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, 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

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after acquiring an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new stake in Quantum Computing in the 4th quarter worth approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Quantum Computing in the 1st quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing in the 4th quarter worth approximately $13,953,000. 4.26% of the stock is currently owned by institutional investors.

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.