Quantum Computing (NASDAQ:QUBT) Shares Down 2.8% - Here's What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) dropped 2.8% during mid-day trading on Friday . The company traded as low as $11.65 and last traded at $12.09. Approximately 10,078,848 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 23,417,201 shares. The stock had previously closed at $12.43.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. 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. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research report on Monday, April 28th.

Quantum Computing Stock Up 4.1%

The stock has a market cap of $1.66 billion, a P/E ratio of -40.69 and a beta of 3.74. The firm's 50-day moving average is $8.39 and its two-hundred day moving average is $9.07.

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 analysts' consensus estimates of ($0.05) by ($0.42). The firm had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the prior year, the company earned ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the stock in a transaction that occurred on 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 now owns 21,236,906 shares in the company, valued at approximately $248,471,800.20. This trade represents a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 739,973 shares of company stock worth $8,012,085 over the last three months. Corporate insiders own 19.30% of the company's stock.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 4th quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing during the fourth quarter valued at about $70,006,000. Vanguard Group Inc. grew its position in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Quantum Computing in the first quarter valued at about $7,084,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Quantum Computing in the fourth quarter worth about $13,953,000. 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.