Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $12.87, but opened at $12.09. Quantum Computing shares last traded at $11.64, with a volume of 14,563,588 shares changing hands.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their price target on Quantum Computing from $8.50 to $14.00 and gave the company a “buy” rating in a report on Monday, April 28th.

Quantum Computing Trading Down 6.7%

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -41.39 and a beta of 3.74. The stock has a 50-day simple moving average of $7.45 and a 200 day simple moving average of $8.33.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results 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 company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the previous year, the company posted ($0.09) EPS.

Insider Activity at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in QUBT. Goldman Sachs Group Inc. grew its holdings in shares of Quantum Computing by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after buying an additional 2,280 shares during the last quarter. PharVision Advisers LLC purchased a new position in shares of Quantum Computing during the first quarter worth about $171,000. Millennium Management LLC grew its holdings in shares of Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after buying an additional 483,940 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Quantum Computing during the first quarter worth about $7,084,000. Finally, Royal Bank of Canada grew its holdings in shares of Quantum Computing by 57.1% during the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.