Quantum Computing (NASDAQ:QUBT) Trading Down 4.5% - Time to Sell?

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 were down 4.5% during trading 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.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Performance

The firm has a market capitalization of $2.58 billion, a P/E ratio of -33.60 and a beta of 4.09. The company has a 50-day moving average price of $17.21 and a 200-day moving average price of $11.28.

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

Insiders Place Their Bets

In related news, CFO Christopher Boehmler sold 46,440 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $928,800.00. Following the sale, the chief financial officer owned 351,152 shares of the company's stock, valued at approximately $7,023,040. This trade represents a 11.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the firm's 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 sale, the insider directly owned 21,236,906 shares in the company, valued at $248,471,800.20. The trade was a 2.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Quantum Computing

Several hedge funds have recently added to or reduced their stakes in QUBT. Compagnie Lombard Odier SCmA increased its position in shares of Quantum Computing by 53.5% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company's stock valued at $55,000 after acquiring an additional 1,000 shares during the last quarter. CWM LLC boosted its stake in shares of Quantum Computing by 12.9% in the second quarter. CWM LLC now owns 11,643 shares of the company's stock valued at $223,000 after buying an additional 1,329 shares during the period. Nisa Investment Advisors LLC bought a new stake in shares of Quantum Computing in the second quarter valued at approximately $28,000. Hollencrest Capital Management boosted its stake in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after buying an additional 1,500 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Quantum Computing in the second quarter valued at approximately $29,000. Institutional investors and hedge funds 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.