Quantum Computing (NASDAQ:QUBT) Shares Down 10% – Here’s What Happened

by · The Markets Daily

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) was down 10% during mid-day trading on Thursday . The stock traded as low as $9.86 and last traded at $10.03. Approximately 27,945,935 shares traded hands during mid-day trading, an increase of 1% from the average daily volume of 27,613,662 shares. The stock had previously closed at $11.14.

Wall Street Analyst Weigh In

QUBT has been the subject of several analyst reports. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Ascendiant Capital Markets raised their price target on Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Finally, Lake Street Capital started coverage on Quantum Computing in a report on Thursday, September 18th. They set a “buy” rating and a $24.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.33.

Get Our Latest Analysis on Quantum Computing

Quantum Computing Trading Up 5.7%

The company’s fifty day simple moving average is $17.35 and its 200 day simple moving average is $15.86. The stock has a market capitalization of $2.38 billion, a P/E ratio of -15.59 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The business had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.12 million.

Insider Activity at Quantum Computing

In related news, Director Robert B. Fagenson sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total value of $543,200.00. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at $776,000. This trade represents a 41.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Javad Shabani sold 20,000 shares of Quantum Computing stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $15.30, for a total transaction of $306,000.00. Following the sale, the director owned 17,474 shares of the company’s stock, valued at approximately $267,352.20. The trade was a 53.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,154,649 shares of company stock valued at $16,805,481 in the last ninety days. 19.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Ghisallo Capital Management LLC purchased a new stake in Quantum Computing during the third quarter valued at about $74,194,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 23.1% during the 3rd 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 during the last quarter. Geode Capital Management LLC raised its holdings 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 buying an additional 1,416,928 shares in the last quarter. Polar Asset Management Partners Inc. lifted its position in Quantum Computing by 72.3% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock worth $48,643,000 after buying an additional 1,127,427 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new stake in Quantum Computing in the 2nd quarter worth approximately $19,543,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Quantum Computing Company Profile

(Get Free Report)

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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