Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 4.5% during trading on Wednesday . The stock traded as low as $6.46 and last traded at $6.52. Approximately 1,645,418 shares changed hands during trading, a decline of 90% from the average daily volume of 16,471,801 shares. The stock had previously closed at $6.83.

Quantum Computing Stock Performance

The stock has a market capitalization of $879.74 million, a PE ratio of -22.10 and a beta of 3.00. The company has a 50 day moving average of $6.98 and a two-hundred day moving average of $7.24.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data 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 firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share.

Insider Buying and Selling at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of the business’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing in the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP acquired a new position in shares of Quantum Computing in the fourth quarter worth $70,006,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 83.6% during the fourth 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 during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at $13,953,000. Finally, Geode Capital Management LLC boosted its holdings in Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock valued at $12,627,000 after purchasing an additional 75,380 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.