Quantum Computing (NASDAQ:QUBT) Trading Down 3% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 3% during mid-day trading on Monday . The company traded as low as $7.99 and last traded at $8.20. Approximately 10,477,324 shares were traded during trading, a decline of 35% from the average daily volume of 16,023,934 shares. The stock had previously closed at $8.45.

Quantum Computing Trading Down 3.0 %

The company’s 50 day simple moving average is $7.90 and its 200 day simple moving average is $6.78. The stock has a market capitalization of $1.07 billion, a PE ratio of -26.76 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the previous year, the business earned ($0.09) EPS.

Insider Transactions at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of the company’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 transaction of $1,696,000.00. Following the completion of the transaction, the insider now owns 24,051,256 shares of the company’s stock, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

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