Quantum Computing (NASDAQ:QUBT) Shares Down 2.3% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 2.3% on Friday . The company traded as low as $11.48 and last traded at $11.96. Approximately 21,263,683 shares traded hands during trading, an increase of 23% from the average daily volume of 17,234,803 shares. The stock had previously closed at $12.24.

Analyst Ratings Changes

QUBT has been the topic of a number of recent research reports. Northland Securities initiated coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Wall Street Zen raised Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald dropped their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Price Performance

The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -42.71 and a beta of 3.70. The firm has a fifty day simple moving average of $8.91 and a two-hundred day simple moving average of $9.86.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. Equities analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total value of $73,476.00. Following the completion of the sale, the chief financial officer owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently added to or reduced their stakes in QUBT. Aventura Private Wealth LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $26,000. International Assets Investment Management LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $26,000. Rhumbline Advisers purchased a new position in shares of Quantum Computing in the first quarter worth about $28,000. Tucker Asset Management LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $29,000. Finally, Toth Financial Advisory Corp raised its stake in shares of Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

About Quantum Computing

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.