Quantum Computing (NASDAQ:QUBT) Shares Down 8% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 8% during mid-day trading on Monday . The stock traded as low as $15.31 and last traded at $15.38. Approximately 31,995,205 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 27,735,758 shares. The stock had previously closed at $16.71.

Analyst Ratings Changes

QUBT has been the topic of several recent research reports. Lake Street Capital initiated coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They issued a “buy” rating and a $24.00 price objective on the stock. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Quantum Computing has a consensus rating of “Hold” and a consensus price target of $26.33.

Quantum Computing Stock Performance

The company has a market capitalization of $3.45 billion, a PE ratio of -22.62 and a beta of 3.85. The firm’s 50-day simple moving average is $17.88 and its 200 day simple moving average is $15.50.

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

Insider Activity at Quantum Computing

In related news, Director Robert B. Fagenson sold 5,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $16.88, for a total value of $84,400.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Yuping Huang sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares in the company, valued at $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,154,649 shares of company stock valued at $16,805,481 over the last 90 days. Company insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC purchased a new stake in shares of Quantum Computing in the 2nd quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Quantum Computing in the 2nd quarter valued at about $29,000. Farther Finance Advisors LLC boosted its stake in shares of Quantum Computing by 724.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares during the last quarter. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing during the second quarter worth about $33,000. Finally, Toth Financial Advisory Corp raised its position in shares of Quantum Computing by 100.0% in the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. 4.26% of the stock is currently 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.