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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 11% during mid-day trading on Friday . The company 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 Analyst Weigh In

A number of equities research analysts have recently issued reports on QUBT shares. Cantor Fitzgerald cut their price objective 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 objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, 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. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Quantum Computing currently has an average rating of “Hold” and an average target price of $17.50.

Quantum Computing Trading Down 11.1%

The business’s 50 day moving average is $9.36 and its two-hundred day moving average is $9.88. The company has a market cap of $2.24 billion, a PE ratio of -35.53 and a beta of 3.72.

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

Insider Buying and Selling at Quantum Computing

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of Quantum Computing stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the transaction, the chief financial officer owned 1,132,398 shares in the company, valued at approximately $8,889,324.30. The trade was a 5.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of QUBT. Aventura Private Wealth LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at $26,000. International Assets Investment Management LLC purchased a new stake in Quantum Computing in the 4th quarter worth $26,000. Rhumbline Advisers purchased a new stake in Quantum Computing in the 1st quarter worth $28,000. Tucker Asset Management LLC purchased a new stake in Quantum Computing in the 4th quarter worth $29,000. Finally, Toth Financial Advisory Corp lifted its stake in Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other 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.