Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $12.87, but opened at $12.09. Quantum Computing shares last traded at $11.64, with a volume of 14,563,588 shares changing hands.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, April 28th.

Quantum Computing Stock Performance

The business’s 50 day moving average is $7.69 and its 200-day moving average is $8.43. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -39.69 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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) EPS.

Insider Activity

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the transaction, the insider now directly owns 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 739,973 shares of company stock valued at $8,012,085. 19.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers purchased a new stake in Quantum Computing during the 1st quarter worth approximately $28,000. Tower Research Capital LLC TRC bought a new position in Quantum Computing during the 4th quarter worth $30,000. Hollencrest Capital Management boosted its position in Quantum Computing by 60.0% during the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $32,000 after acquiring an additional 1,500 shares during the period. Archer Investment Corp acquired a new position in Quantum Computing during the 4th quarter worth $33,000. Finally, IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the fourth quarter valued at $33,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.