Quantum Computing (NASDAQ:QUBT) Stock Price Down 11% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 11% on Friday . The stock traded as low as $9.81 and last traded at $9.96. Approximately 21,488,491 shares changed hands during trading, an increase of 23% from the average daily volume of 17,541,625 shares. The stock had previously closed at $11.19.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on QUBT shares. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research report on Tuesday, March 3rd. Cantor Fitzgerald reduced their price target on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Northland Securities started coverage on shares of Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Stock Performance

The firm has a market cap of $2.24 billion, a P/E ratio of -35.53 and a beta of 3.72. The business’s 50-day simple moving average is $9.36 and its 200 day simple moving average is $9.88.

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

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 9,360 shares of Quantum Computing stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total value of $73,476.00. Following the completion of the sale, the chief financial officer owned 1,123,038 shares of the company’s stock, valued at approximately $8,815,848.30. The trade was a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 19.30% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in QUBT. Royal Bank of Canada grew its position in Quantum Computing by 57.1% in the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after purchasing an additional 19,527 shares during the period. Millennium Management LLC grew its position in shares of Quantum Computing by 288.9% during the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after acquiring an additional 483,940 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Quantum Computing by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares during the period. Rhumbline Advisers bought a new stake in shares of Quantum Computing during the 1st quarter valued at $28,000. Finally, JPMorgan Chase & Co. grew its position in shares of Quantum Computing by 12,826.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after acquiring an additional 54,129 shares during the period. Institutional investors own 4.26% of the company’s stock.

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.