Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 7.3% during trading on Thursday . The stock traded as low as $12.91 and last traded at $13.15. 21,042,501 shares changed hands during trading, a decline of 24% from the average session volume of 27,655,545 shares. The stock had previously closed at $14.19.

Wall Street Analyst Weigh In

Several brokerages have commented on QUBT. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Lake Street Capital started coverage on Quantum Computing in a report on Thursday, September 18th. They set a “buy” rating and a $24.00 target price on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Finally, Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.33.

Quantum Computing Trading Down 7.3%

The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -19.34 and a beta of 3.82. The stock’s 50-day moving average price is $17.84 and its 200-day moving average price is $15.60.

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

Insider Activity at Quantum Computing

In related news, Director Robert B. Fagenson sold 35,000 shares of the business’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total transaction of $543,200.00. Following the transaction, the director owned 50,000 shares in the company, valued at $776,000. The trade was a 41.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the transaction, the chief executive officer owned 21,287,718 shares in the company, valued at $306,756,016.38. The trade was a 4.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,154,649 shares of company stock worth $16,805,481 over the last quarter. 19.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. 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 period. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 116.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock valued at $50,433,000 after acquiring an additional 1,416,928 shares during the period. Penserra Capital Management LLC lifted its position in shares of Quantum Computing by 60.7% during the 3rd quarter. Penserra Capital Management LLC now owns 1,638,054 shares of the company’s stock valued at $30,156,000 after acquiring an additional 618,594 shares during the period. Focus Financial Network Inc. raised its holdings in Quantum Computing by 339.9% during the third quarter. Focus Financial Network Inc. now owns 1,117,431 shares of the company’s stock worth $20,572,000 after buying an additional 863,394 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Quantum Computing by 13.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,000,144 shares of the company’s stock worth $19,146,000 after buying an additional 115,284 shares during the last quarter. Institutional investors and hedge funds 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.