Quantum Computing (NASDAQ:QUBT) Trading Down 6.4% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 6.4% on Monday . The company traded as low as $10.92 and last traded at $10.95. 13,935,683 shares changed hands during trading, a decline of 50% from the average session volume of 27,815,156 shares. The stock had previously closed at $11.70.

Analysts Set New Price Targets

Several research analysts have commented on QUBT shares. Lake Street Capital dropped their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Ascendiant Capital Markets raised their target price on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Tuesday, November 25th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Quantum Computing has an average rating of “Hold” and an average price target of $23.67.

Quantum Computing Stock Down 6.4%

The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -16.10 and a beta of 3.82. The business’s fifty day moving average is $16.16 and its 200 day moving average is $16.15.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Buying and Selling

In related news, Director Javad Shabani sold 17,474 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $15.26, for a total value of $266,653.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 21,287,718 shares of the company’s stock, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,137,474 shares of company stock valued at $16,538,753. Company insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in QUBT. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing during the 3rd quarter worth approximately $123,014,000. Ghisallo Capital Management LLC bought a new position in shares of Quantum Computing in the 3rd quarter valued at $74,194,000. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 23.1% during the third quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock valued at $224,558,000 after purchasing an additional 2,286,514 shares in the last quarter. Geode Capital Management LLC grew 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 acquiring an additional 1,416,928 shares during the last quarter. Finally, Polar Asset Management Partners Inc. grew its stake in shares of Quantum Computing by 72.3% in the third quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after purchasing an additional 1,127,427 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.