Quantum Computing (NASDAQ:QUBT) Shares Down 6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 6% during trading on Tuesday . The stock traded as low as $11.74 and last traded at $11.94. 28,892,373 shares were traded during trading, an increase of 5% from the average session volume of 27,634,256 shares. The stock had previously closed at $12.70.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on QUBT shares. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Lake Street Capital began coverage on Quantum Computing in a research report on Thursday, September 18th. They set a “buy” rating and a $24.00 price target on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Finally, Ascendiant Capital Markets upped their target price on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.33.

Quantum Computing Stock Down 6.0%

The company’s 50-day moving average is $17.66 and its 200 day moving average is $15.81. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -17.56 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.10 million.

Insiders Place Their Bets

In other news, Director Javad Shabani sold 17,474 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $15.26, for a total value of $266,653.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert B. Fagenson sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The SEC filing for this sale provides additional information. Insiders sold a total of 1,154,649 shares of company stock valued at $16,805,481 in the last three months. 19.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QUBT. J.W. Cole Advisors Inc. raised its holdings in shares of Quantum Computing by 3.8% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 21,070 shares of the company’s stock worth $404,000 after acquiring an additional 770 shares during the period. Compagnie Lombard Odier SCmA grew its position in shares of Quantum Computing by 53.5% during the second quarter. Compagnie Lombard Odier SCmA now owns 2,870 shares of the company’s stock worth $55,000 after buying an additional 1,000 shares in the last quarter. Toth Financial Advisory Corp grew its stake in shares of Quantum Computing by 100.0% during the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. Gladstone Institutional Advisory LLC increased its stake in Quantum Computing by 9.3% in the third quarter. Gladstone Institutional Advisory LLC now owns 12,975 shares of the company’s stock valued at $239,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Quantum Computing by 12.5% during the third quarter. Global Retirement Partners LLC now owns 10,055 shares of the company’s stock worth $185,000 after purchasing an additional 1,115 shares during the last quarter. 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.