Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 1.2% during trading on Tuesday . The stock traded as low as $6.86 and last traded at $6.91. Approximately 2,193,599 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 16,458,240 shares. The stock had previously closed at $6.99.

Quantum Computing Price Performance

The firm has a fifty day simple moving average of $7.14 and a two-hundred day simple moving average of $7.21. The firm has a market capitalization of $930.52 million, a P/E ratio of -23.38 and a beta of 3.00.

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

Insiders Place Their Bets

In related news, insider Yuping Huang sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the first quarter valued at $28,000. Tower Research Capital LLC TRC purchased a new position in Quantum Computing during the 4th quarter valued at about $30,000. Archer Investment Corp bought a new stake in shares of Quantum Computing during the fourth quarter valued at about $33,000. IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $33,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. Institutional investors 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.