Quantum Computing (NASDAQ:QUBT) Trading Down 5.4% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 5.4% on Tuesday . The stock traded as low as $11.37 and last traded at $11.65. 10,192,730 shares were traded during mid-day trading, a decline of 39% from the average session volume of 16,766,051 shares. The stock had previously closed at $12.31.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on QUBT. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Northland Securities started coverage on shares of Quantum Computing in a report on Monday, April 20th. They set an “outperform” rating and a $20.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Cantor Fitzgerald cut 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 analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Price Performance

The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -41.71 and a beta of 3.70. The business’s 50 day moving average is $8.65 and its 200 day moving average is $9.90.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. As a group, analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the sale, the chief financial officer owned 1,132,398 shares of the company’s stock, valued at approximately $8,889,324.30. This trade represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 19.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of QUBT. Vanguard Group Inc. boosted its stake in Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. Marex Group plc grew its holdings in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing in the 3rd quarter valued at about $123,014,000. Anson Funds Management LP lifted its holdings in shares of Quantum Computing by 14.9% in the 3rd quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after purchasing an additional 1,428,120 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.