Quantum Computing (NASDAQ:QUBT) Trading Down 3.3% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares fell 3.3% during mid-day trading on Thursday . The company traded as low as $12.12 and last traded at $12.37. 25,962,153 shares changed hands during trading, an increase of 36% from the average session volume of 19,071,993 shares. The stock had previously closed at $12.79.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Ascendiant Capital Markets boosted their target price on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research note 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 Down 8.6%

The company has a market capitalization of $1.60 billion, a P/E ratio of -39.17 and a beta of 3.74. The stock has a fifty day simple moving average of $8.39 and a 200-day simple moving average of $9.04.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate 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 in the previous year, the business earned ($0.09) earnings per share.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. The trade was a 0.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 739,973 shares of company stock worth $8,012,085. Corporate insiders own 19.30% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the fourth quarter worth $30,000. IFP Advisors Inc bought a new position in shares of Quantum Computing during the fourth quarter valued at about $33,000. Farther Finance Advisors LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing during the 4th quarter valued at $33,000. Finally, Hollencrest Capital Management purchased a new position in Quantum Computing in the fourth quarter valued at about $41,000. 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.