Quantum Computing (NASDAQ:QUBT) Shares Down 6.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 6.4% on Monday . The company traded as low as $10.92 and last traded at $10.95. Approximately 13,935,683 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 27,815,156 shares. The stock had previously closed at $11.70.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on QUBT shares. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Tuesday, November 25th. Ascendiant Capital Markets raised their price objective on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, Lake Street Capital lowered their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing has a consensus rating of “Hold” and a consensus price target of $23.67.

Quantum Computing Stock Down 6.4%

The company has a market cap of $2.45 billion, a price-to-earnings ratio of -16.10 and a beta of 3.82. The stock’s 50-day simple moving average is $16.16 and its 200 day simple moving average is $16.15.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.12 million.

Insider Activity at Quantum Computing

In related news, Director Javad Shabani sold 20,000 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $15.30, for a total transaction of $306,000.00. Following the completion of the transaction, the director directly owned 17,474 shares of the company’s stock, valued at $267,352.20. This represents a 53.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Yuping Huang sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer directly owned 21,287,718 shares in the company, valued at $306,756,016.38. This trade represents a 4.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,137,474 shares of company stock worth $16,538,753 in the last three months. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new stake in shares of Quantum Computing during the first quarter valued at approximately $798,000. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock valued at $41,531,000 after acquiring an additional 1,004,675 shares during the last quarter. Swiss National Bank acquired a new stake in shares of Quantum Computing during the first quarter valued at approximately $1,806,000. Concurrent Investment Advisors LLC acquired a new position in Quantum Computing in the 2nd quarter valued at approximately $1,003,000. Finally, PFG Investments LLC acquired a new stake in shares of Quantum Computing during the 2nd quarter valued at about $1,128,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.