Quantum Computing (NASDAQ:QUBT) Shares Down 2.2% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 2.2% during mid-day trading on Wednesday . The company traded as low as $11.12 and last traded at $11.42. 20,137,322 shares traded hands during trading, an increase of 18% from the average session volume of 17,055,998 shares. The stock had previously closed at $11.68.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QUBT. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Northland Securities began coverage on shares of Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Cantor Fitzgerald lowered their price target on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Trading Down 2.3%

The company has a market capitalization of $2.70 billion, a PE ratio of -42.71 and a beta of 3.70. The stock’s 50-day moving average is $8.91 and its two-hundred day moving average is $9.86.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analysts’ expectations of $3.13 million. On average, equities research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Christopher Bruce Roberts sold 9,360 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $7.85, for a total value of $73,476.00. Following the sale, the chief financial officer directly owned 1,123,038 shares of the company’s stock, valued at $8,815,848.30. This represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.30% of the stock is owned by company insiders.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Royal Bank of Canada raised 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 raised its position in Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after purchasing an additional 483,940 shares during the period. Goldman Sachs Group Inc. raised its position in Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after purchasing an additional 2,280 shares during the period. Rhumbline Advisers purchased a new stake in Quantum Computing in the 1st quarter worth about $28,000. Finally, JPMorgan Chase & Co. raised its position in Quantum Computing by 12,826.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after purchasing an additional 54,129 shares during the period. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.