Quantum Computing (NASDAQ:QUBT) Shares Down 5.5% – Should You Sell? – MarketBeat

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) was down 5.5% on Wednesday . The stock traded as low as $15.88 and last traded at $15.69. Approximately 6,921,208 shares changed hands during trading, a decline of 71% from the average daily volume of 24,283,070 shares. The stock had previously closed at $16.60.
Several equities research analysts recently weighed in on QUBT shares. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Thursday, May 22nd. Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a “neutral” rating and a $15.00 price objective on the stock. Finally, Ascendiant Capital Markets raised their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a report on Friday, June 6th.
Get Our Latest Analysis on Quantum Computing
The firm has a market capitalization of $2.45 billion, a P/E ratio of -32.04 and a beta of 4.09. The company has a 50-day moving average of $17.52 and a 200-day moving average of $11.42.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.
In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the sale, the insider directly owned 21,236,906 shares in the company, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of Quantum Computing stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,059,844 shares of company stock valued at $14,685,149. Company insiders own 19.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anson Funds Management LP bought a new stake in Quantum Computing during the 4th quarter worth approximately $70,006,000. Alyeska Investment Group L.P. bought a new stake in Quantum Computing during the 4th quarter worth approximately $69,613,000. Geode Capital Management LLC increased its holdings in Quantum Computing by 116.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after purchasing an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC bought a new stake in Quantum Computing during the 2nd quarter worth approximately $19,543,000. Finally, Vanguard Group Inc. increased its holdings in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares in the last quarter. 4.26% of the stock is owned by institutional investors.
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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