Quantum Computing (NASDAQ:QUBT) Trading Down 7.8% - Here's What Happened

Key Points

• Quantum Computing Inc. shares dropped 7.8%, closing at $14.55, with trading volume significantly lower than its average.
• Analysts have mixed ratings on QUBT, with one downgrading to a "strong sell" and a consensus target price of $18.50.
• Recent insider transactions included significant share sales by the Director and CFO, with insiders selling a total of 519,871 shares in the last 90 days.

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares fell 7.8% during mid-day trading on Tuesday . The stock traded as low as $14.76 and last traded at $14.55. 4,280,507 shares changed hands during trading, a decline of 82% from the average session volume of 23,611,789 shares. The stock had previously closed at $15.78.

Analysts Set New Price Targets

A number of research analysts have recently commented on QUBT shares. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. 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. Finally, Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

Quantum Computing Stock Down 6.1%

The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -21.77 and a beta of 3.88. The business has a fifty day simple moving average of $16.97 and a two-hundred day simple moving average of $11.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, meeting analysts' consensus estimates of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the sale, the chief financial officer owned 131,060 shares in the company, valued at $2,091,717.60. The trade was a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 519,871 shares of company stock worth $8,369,064. 19.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Rhumbline Advisers bought a new stake in Quantum Computing during the first quarter valued at approximately $28,000. Nisa Investment Advisors LLC bought a new position in Quantum Computing during the 2nd quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Quantum Computing during the second quarter valued at about $29,000. Tower Research Capital LLC TRC acquired a new position in Quantum Computing in the 4th quarter worth approximately $30,000. Finally, Hollencrest Capital Management grew its stake in shares of Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares during the period. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.

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