Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 7.3% on Thursday . The stock traded as low as $12.91 and last traded at $13.15. Approximately 21,042,501 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 27,655,545 shares. The stock had previously closed at $14.19.

Analysts Set New Price Targets

QUBT has been the subject of several analyst reports. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Lake Street Capital started coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They set a “buy” rating and a $24.00 price objective on the stock. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Quantum Computing currently has an average rating of “Hold” and a consensus target price of $26.33.

Quantum Computing Price Performance

The company’s 50-day moving average price is $17.72 and its 200-day moving average price is $15.63. The company has a market cap of $2.88 billion, a P/E ratio of -18.91 and a beta of 3.82.

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

Insider Buying and Selling at Quantum Computing

In related news, CEO Yuping Huang sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the transaction, the chief executive officer owned 21,287,718 shares of the company’s stock, valued at approximately $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $15.26, for a total value of $266,653.24. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new position in shares of Quantum Computing during the 2nd quarter worth approximately $28,000. Farther Finance Advisors LLC boosted its position in Quantum Computing by 724.7% during the third quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock worth $28,000 after purchasing an additional 1,319 shares during the period. Rhumbline Advisers acquired a new position in shares of Quantum Computing in the first quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing in the second quarter valued at about $29,000. Finally, Hollencrest Capital Management raised its position in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after purchasing an additional 1,500 shares during the period. 4.26% of the stock is owned by institutional investors.

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.