Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% – Here’s What Happened

by · The Cerbat Gem

Quantum Computing Inc. (NASDAQ:QUBTGet Free Report)’s share price was down 6.2% on Wednesday . The stock traded as low as $11.39 and last traded at $11.1860. Approximately 11,771,844 shares were traded during trading, a decline of 33% from the average daily volume of 17,684,434 shares. The stock had previously closed at $11.93.

Analyst Ratings Changes

Several brokerages have commented on QUBT. Wedbush initiated coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They issued a “neutral” rating and a $12.00 target price for the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a report on Thursday, December 18th. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Lake Street Capital reduced their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Finally, Rosenblatt Securities assumed coverage on Quantum Computing in a report on Thursday, January 15th. They issued a “buy” rating and a $22.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Quantum Computing presently has an average rating of “Moderate Buy” and an average price target of $18.00.

Read Our Latest Research Report on QUBT

Quantum Computing Trading Down 4.5%

The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -18.79 and a beta of 3.49. The company has a 50 day simple moving average of $11.64 and a 200-day simple moving average of $15.06.

Quantum Computing (NASDAQ:QUBTGet Free Report) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Activity

In other news, COO Milan Begliarbekov sold 2,860 shares of Quantum Computing stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total value of $33,891.00. Following the sale, the chief operating officer directly owned 24,240 shares in the company, valued at $287,244. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in QUBT. Aventura Private Wealth LLC acquired a new stake in Quantum Computing in the 4th quarter valued at $26,000. Nisa Investment Advisors LLC acquired a new stake in shares of Quantum Computing in the second quarter valued at about $28,000. Farther Finance Advisors LLC raised its holdings in Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after acquiring an additional 1,319 shares in the last quarter. Rhumbline Advisers acquired a new position in Quantum Computing during the first quarter valued at approximately $28,000. Finally, Toth Financial Advisory Corp boosted its position in Quantum Computing by 50.0% during the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

(Get Free Report)

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

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