Quantum Computing (NASDAQ:QUBT) Trading Down 8.2% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price was down 8.2% during mid-day trading on Monday . The stock traded as low as $7.38 and last traded at $7.36. Approximately 4,004,310 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 16,944,995 shares. The stock had previously closed at $8.01.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a research report on Monday, April 28th.

Quantum Computing Stock Down 7.8 %

The stock's 50-day moving average price is $6.78 and its 200 day moving average price is $7.80. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -25.53 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced 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 firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share.

Insider Activity

In related news, insider Yuping Huang sold 200,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This represents a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 31.10% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently modified their holdings of QUBT. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the fourth quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing in the 4th quarter worth about $70,006,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in Quantum Computing during the 4th quarter valued at about $13,953,000. Finally, Geode Capital Management LLC boosted its position in Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock valued at $12,627,000 after buying an additional 75,380 shares in the last quarter. 4.26% of the stock is 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.

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