Quantum Computing (NASDAQ:QUBT) Trading Down 6.4% – Here’s What Happened

by · The Markets Daily

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report)’s stock price was down 6.4% during trading on Thursday . The company traded as low as $7.11 and last traded at $7.35. Approximately 4,535,283 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 16,145,709 shares. The stock had previously closed at $7.85.

Quantum Computing Stock Performance

The business’s 50-day moving average is $7.84 and its two-hundred day moving average is $6.79. The stock has a market capitalization of $1.04 billion, a PE ratio of -26.10 and a beta of 2.99.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share.

Insider Activity

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 31.10% of the company’s stock.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP bought a new position in Quantum Computing during the fourth quarter worth about $70,006,000. Vanguard Group Inc. boosted its stake in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after buying an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the 4th quarter worth about $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Quantum Computing during the fourth quarter worth approximately $11,750,000. 4.26% of the stock is currently owned by institutional investors.

About Quantum Computing

(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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