Quantum Computing (NASDAQ:QUBT) Trading Down 2.7% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price was down 2.7% during trading on Thursday . The stock traded as low as $12.05 and last traded at $12.49. Approximately 5,277,023 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 19,403,043 shares. The stock had previously closed at $12.83.

Analysts Set New Price Targets

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

Quantum Computing Trading Up 13.8%

The firm has a market cap of $1.90 billion, a P/E ratio of -46.41 and a beta of 3.74. The business's fifty day simple moving average is $8.72 and its 200-day simple moving average is $9.24.

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

Insider Transactions at Quantum Computing

In related news, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the transaction, the insider now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the 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. Over the last quarter, insiders have sold 739,973 shares of company stock valued at $8,012,085. 19.30% of the stock is currently owned by company insiders.

Institutional Trading of Quantum Computing

Several institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $786,000. Archer Investment Corp bought a new position in Quantum Computing in the fourth quarter worth about $33,000. Focus Financial Network Inc. bought a new position in Quantum Computing in the fourth quarter worth about $1,536,000. Essex Financial Services Inc. bought a new position in Quantum Computing in the fourth quarter worth about $174,000. Finally, UNICOM Systems Inc. bought a new position in Quantum Computing in the fourth quarter worth about $5,707,000. 4.26% of the stock is currently owned by hedge funds and other 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.