Quantum Computing (NASDAQ:QUBT) Trading Down 6.7% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 6.7% during trading on Wednesday . The company traded as low as $11.02 and last traded at $11.14. Approximately 24,797,589 shares were traded during trading, a decline of 10% from the average daily volume of 27,621,539 shares. The stock had previously closed at $11.94.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Ascendiant Capital Markets upped 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. Lake Street Capital assumed coverage on Quantum Computing in a report on Thursday, September 18th. They issued a “buy” rating and a $24.00 price target for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.33.

Quantum Computing Price Performance

The business’s 50-day moving average price is $17.60 and its two-hundred day moving average price is $15.84. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -16.38 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.

Insider Activity at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the 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 transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert B. Fagenson sold 35,000 shares of the business’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 completion of the sale, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of Quantum Computing in the 1st quarter valued at about $798,000. Teacher Retirement System of Texas bought a new position in Quantum Computing in the first quarter worth about $136,000. Vanguard Group Inc. lifted its holdings in Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after acquiring an additional 1,004,675 shares during the last quarter. Swiss National Bank acquired a new position in Quantum Computing in the first quarter valued at approximately $1,806,000. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Quantum Computing during the second quarter valued at approximately $1,003,000. 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.