Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.5% - Here's Why

Key Points

• Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell by 4.5%, trading around $16.14, with a significant decrease in trading volume compared to its average.
• Wall Street analysts have mixed opinions, with ratings ranging from "strong sell" to "buy," while price targets vary from $15.00 to $22.00.
• Insider trading activity included a large sale by Yuping Huang, reducing their ownership stake by 2.30%, while institutional investors have also increased their holdings significantly in recent months.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares dropped 4.5% on Wednesday . The company traded as low as $15.87 and last traded at $16.14. Approximately 5,695,238 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 24,647,934 shares. The stock had previously closed at $16.89.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -33.12 and a beta of 4.09. The firm has a fifty day simple moving average of $17.05 and a 200-day simple moving average of $11.20.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results 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 for the quarter, compared to analyst estimates of $0.30 million.

Insider Activity

In related news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Yuping Huang sold 500,000 shares of the business's stock in a transaction dated 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 sale, the insider owned 21,236,906 shares in the company, valued at approximately $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 quarter, insiders have sold 1,059,844 shares of company stock worth $14,685,149. Insiders own 19.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing in the 4th quarter valued at about $69,613,000. Anson Funds Management LP purchased a new stake in Quantum Computing in the 4th quarter worth about $70,006,000. Vanguard Group Inc. boosted its holdings in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after buying an additional 1,906,749 shares during the period. Penserra Capital Management LLC bought a new stake in shares of Quantum Computing during the 2nd quarter valued at $19,543,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing in the first quarter valued at approximately $7,084,000. Institutional investors own 4.26% of the company's stock.

About Quantum Computing

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.