Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.9% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 4.9% on Friday . The company traded as low as $7.31 and last traded at $7.55. Approximately 5,370,508 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 15,907,736 shares. The stock had previously closed at $7.94.

Quantum Computing Stock Up 5.3 %

The stock’s 50 day moving average is $8.04 and its two-hundred day moving average is $6.54. The company has a market capitalization of $1.15 billion, a PE ratio of -28.49 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly 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 firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the previous year, the firm earned ($0.09) earnings per share.

Insider Transactions at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the firm’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 value of $1,696,000.00. Following the completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the fourth quarter valued at about $30,000. IFP Advisors Inc acquired a new stake in Quantum Computing in the 4th quarter worth approximately $33,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing during the 4th quarter worth approximately $33,000. Archer Investment Corp acquired a new position in Quantum Computing during the 4th quarter valued at approximately $33,000. Finally, Hollencrest Capital Management purchased a new position in shares of Quantum Computing in the fourth quarter worth $41,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.