Quantum Computing (NASDAQ:QUBT) Shares Down 2.3% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price dropped 2.3% during trading on Wednesday . The stock traded as low as $12.61 and last traded at $12.70. Approximately 8,942,014 shares traded hands during trading, a decline of 53% from the average daily volume of 18,915,870 shares. The stock had previously closed at $13.00.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Ascendiant Capital Markets upped their price target on Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a report on Monday, April 28th. 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 business's fifty day simple moving average is $8.33 and its 200 day simple moving average is $8.92. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -42.86 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the firm posted ($0.09) earnings per share.

Insiders Place Their Bets

In related news, Director Javad Shabani sold 39,973 shares of the company'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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the transaction, the insider now owns 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. Insiders have sold 739,973 shares of company stock worth $8,012,085 in the last three months. 19.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing during the 4th quarter worth approximately $70,006,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Quantum Computing during the 1st quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $13,953,000. 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.