Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.2% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 1.2% on Monday . The stock traded as low as $12.62 and last traded at $12.70. Approximately 21,432,504 shares changed hands during trading, a decline of 22% from the average daily volume of 27,626,502 shares. The stock had previously closed at $12.86.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Lake Street Capital initiated coverage on Quantum Computing in a research note on Thursday, September 18th. They issued a “buy” rating and a $24.00 price target for the company. Ascendiant Capital Markets upped their price target on Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.33.

Quantum Computing Trading Down 1.2%

The business’s 50 day simple moving average is $17.72 and its two-hundred day simple moving average is $15.77. The firm has a market capitalization of $2.85 billion, a PE ratio of -18.68 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.10 million.

Insider Transactions at Quantum Computing

In related news, Director Robert B. Fagenson sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $16.88, for a total transaction of $84,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the sale, the chief executive officer directly owned 21,287,718 shares of the company’s stock, valued at approximately $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,154,649 shares of company stock valued at $16,805,481. 19.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. increased its stake in shares of Quantum Computing by 159.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company’s stock worth $270,000 after purchasing an additional 20,731 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Quantum Computing during the first quarter valued at about $136,000. Bank of New York Mellon Corp purchased a new stake in Quantum Computing in the first quarter worth about $156,000. Envestnet Asset Management Inc. raised its stake in shares of Quantum Computing by 35.9% in the first quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock worth $348,000 after buying an additional 11,489 shares during the period. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Quantum Computing during the 1st quarter valued at about $93,000. Hedge funds and other institutional investors 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.