Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price was down 2.6% during trading on Tuesday . The company traded as low as $15.85 and last traded at $16.04. Approximately 4,980,401 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 24,338,176 shares. The stock had previously closed at $16.46.
Analyst Ratings Changes
A number of equities analysts have weighed in on the stock. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Ascendiant Capital Markets upped 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. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.
Get Our Latest Analysis on QUBT
Quantum Computing Stock Performance
The stock has a 50-day moving average price of $17.30 and a two-hundred day moving average price of $11.32. The stock has a market capitalization of $2.62 billion, a PE ratio of -34.26 and a beta of 4.09.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.18. The firm had revenue of $0.04 million during the quarter, compared to analysts' expectations of $0.30 million.
Insider Activity at Quantum Computing
In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a document filed with the SEC, which is available 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 transaction of $5,850,000.00. Following the completion of the sale, the insider owned 21,236,906 shares of the company's stock, 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 90 days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Quantum Computing
A number of hedge funds have recently modified their holdings of QUBT. Vanguard Group Inc. boosted its holdings in 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 buying an additional 1,004,675 shares in the last quarter. Anson Funds Management LP purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $70,006,000. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $69,613,000. Geode Capital Management LLC raised its holdings in Quantum Computing by 116.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company's stock valued at $50,433,000 after acquiring an additional 1,416,928 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Quantum Computing during the 2nd quarter worth $19,543,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.
About Quantum Computing
(
Get Free Report)
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.
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