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

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 4.5% during mid-day trading on Wednesday . The stock traded as low as $6.46 and last traded at $6.52. Approximately 1,645,418 shares were traded during trading, a decline of 90% from the average daily volume of 16,471,801 shares. The stock had previously closed at $6.83.

Quantum Computing Price Performance

The firm has a market capitalization of $879.74 million, a PE ratio of -22.10 and a beta of 3.00. The company has a 50-day moving average of $6.95 and a 200 day moving average of $7.33.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same quarter last year, the business posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 31.10% of the company's stock.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the fourth quarter valued at about $70,006,000. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the fourth quarter worth about $13,953,000. Finally, Geode Capital Management LLC increased its stake in shares of Quantum Computing by 11.0% in the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock worth $12,627,000 after acquiring an additional 75,380 shares in the last quarter. Hedge funds and other 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.