Quantum Computing (NASDAQ:QUBT) Trading Down 8.6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares traded down 8.6% during mid-day trading on Wednesday . The stock traded as low as $11.17 and last traded at $11.20. 21,673,531 shares were traded during mid-day trading, an increase of 24% from the average session volume of 17,500,441 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

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

Quantum Computing Trading Down 11.1%

The firm has a market capitalization of $2.24 billion, a P/E ratio of -35.53 and a beta of 3.72. The company has a 50 day moving average of $9.36 and a 200-day moving average of $9.88.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. As a group, sell-side analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of Quantum Computing stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total value of $540,880.70. Following the completion of the transaction, the chief financial officer directly owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. The trade was a 5.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toth Financial Advisory Corp raised its holdings in Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Quantum Computing by 36.5% during the 4th quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock worth $38,000 after buying an additional 1,000 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Quantum Computing by 2.5% during the 3rd quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock worth $749,000 after buying an additional 1,001 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Quantum Computing by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,515 shares of the company’s stock worth $86,000 after buying an additional 1,057 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Quantum Computing by 43.5% during the 3rd quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock worth $93,000 after buying an additional 1,525 shares in the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

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.