Quantum Computing (NASDAQ:QUBT) Trading Down 2.2% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 2.2% during trading on Friday . The company traded as low as $11.60 and last traded at $12.86. Approximately 27,477,610 shares traded hands during trading, a decline of 1% from the average daily volume of 27,655,717 shares. The stock had previously closed at $13.15.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QUBT shares. Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They set a “buy” rating and a $24.00 target price for the company. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Ascendiant Capital Markets lifted 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, Weiss Ratings reissued a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Quantum Computing has an average rating of “Hold” and a consensus target price of $26.33.

Quantum Computing Stock Performance

The company has a market capitalization of $2.88 billion, a PE ratio of -18.91 and a beta of 3.82. The stock has a 50 day moving average price of $17.78 and a two-hundred day moving average price of $15.59.

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

Insiders Place Their Bets

In related news, Director Robert B. Fagenson sold 35,000 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total transaction of $543,200.00. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at $776,000. This represents a 41.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Javad Shabani sold 20,000 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $15.30, for a total transaction of $306,000.00. Following the transaction, the director directly owned 17,474 shares of the company’s stock, valued at $267,352.20. This represents a 53.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,154,649 shares of company stock valued at $16,805,481. Corporate insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 23.1% in the 3rd quarter. Vanguard Group Inc. now owns 12,197,605 shares of the company’s stock worth $224,558,000 after buying an additional 2,286,514 shares in the last quarter. Geode Capital Management LLC raised its stake in Quantum Computing by 116.8% during the second quarter. Geode Capital Management LLC now owns 2,630,525 shares of the company’s stock worth $50,433,000 after acquiring an additional 1,416,928 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at $19,543,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Quantum Computing during the 1st quarter worth about $7,084,000. Finally, JPMorgan Chase & Co. lifted its holdings in Quantum Computing by 1,612.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after purchasing an additional 879,374 shares during the last quarter. 4.26% of the stock is 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.