Quantum Computing (NASDAQ:QUBT) Shares Down 1.4% Following Insider Selling

Quantum Computing Inc. (NASDAQ:QUBT) shares traded down 1.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $8.45 and last traded at $8.63. 7,619,553 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 26,607,623 shares. The stock had previously closed at $8.75.

Specifically, insider Yuping Huang sold 200,000 shares of the firm’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 value of $1,696,000.00. Following the sale, the insider now owns 24,051,256 shares of the company’s stock, valued at $203,954,650.88. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Quantum Computing Stock Performance

The stock’s 50-day simple moving average is $8.10 and its 200 day simple moving average is $6.53. The company has a market capitalization of $1.09 billion, a PE ratio of -27.38 and a beta of 3.26.

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 analysts’ consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the company posted ($0.09) EPS.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new position in Quantum Computing in the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the 4th quarter valued at $70,006,000. Vanguard Group Inc. raised its stake in Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing in the fourth quarter valued at $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Quantum Computing in the fourth quarter valued at $11,750,000. Hedge funds and other 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.