Quantum Computing (NASDAQ:QUBT) Trading Down 3.2% - Here's Why

Key Points

• Quantum Computing Inc. (NASDAQ:QUBT) stock dropped by 3.2% to $14.36, with trading volume significantly reduced to 5.9 million shares, compared to an average of 24.8 million.
• Analysts' projections for Quantum Computing vary, with Cantor Fitzgerald issuing a "neutral" rating and a $15 price target, while Ascendiant Capital Markets raised their target to $22 with a "buy" rating.
• Insider transactions included Director Javad Shabani selling 39,973 shares for approximately $466,000, while CFO Christopher Boehmler sold 46,440 shares totaling around $928,800.

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) fell 3.2% on Friday . The stock traded as low as $13.97 and last traded at $14.36. 5,910,545 shares were traded during trading, a decline of 76% from the average session volume of 24,767,727 shares. The stock had previously closed at $14.84.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Cantor Fitzgerald started coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company. Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Quantum Computing Price Performance

The stock's fifty day moving average price is $16.83 and its 200-day moving average price is $11.04. The firm has a market cap of $2.33 billion, a PE ratio of -30.40 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.

Insider Activity at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Boehmler sold 46,440 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $20.00, for a total value of $928,800.00. Following the sale, the chief financial officer directly owned 351,152 shares in the company, valued at $7,023,040. This trade represents a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 in the last quarter. Corporate insiders own 19.30% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its stake in shares of Quantum Computing by 260.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 40,186 shares of the company's stock worth $665,000 after acquiring an additional 29,036 shares during the period. LPL Financial LLC purchased a new position in Quantum Computing during the fourth quarter worth about $1,225,000. Vanguard Group Inc. lifted its position in 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 period. JPMorgan Chase & Co. lifted its position in Quantum Computing by 7,016.0% in the fourth quarter. JPMorgan Chase & Co. now owns 11,101 shares of the company's stock valued at $184,000 after purchasing an additional 10,945 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Quantum Computing by 11.0% in the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock valued at $12,627,000 after purchasing an additional 75,380 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company's stock.

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.

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