Quantum Computing (NASDAQ:QUBT) Trading Down 9% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) was down 9% during trading on Tuesday . The company traded as low as $9.06 and last traded at $9.51. Approximately 17,638,549 shares were traded during trading, an increase of 1% from the average daily volume of 17,496,760 shares. The stock had previously closed at $10.45.

Wall Street Analyst Weigh In

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

Quantum Computing Trading Down 9.0%

The firm has a fifty day moving average of $9.48 and a two-hundred day moving average of $9.86. The company has a market cap of $2.14 billion, a PE ratio of -33.96 and a beta of 3.72.

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, topping the consensus estimate 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. Sell-side analysts expect 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 Quantum Computing stock in a transaction dated Wednesday, March 11th. The stock was 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. This trade represents a 0.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares in the last quarter. SLT Holdings LLC grew its holdings in Quantum Computing by 1,028.7% during the 4th quarter. SLT Holdings LLC now owns 169,300 shares of the company’s stock valued at $1,737,000 after buying an additional 154,300 shares in the last quarter. Ghisallo Capital Management LLC purchased a new position in Quantum Computing during the 3rd quarter valued at about $74,194,000. JPMorgan Chase & Co. grew its holdings in Quantum Computing by 1,612.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 933,925 shares of the company’s stock valued at $17,194,000 after buying an additional 879,374 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its holdings in Quantum Computing by 72.3% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 2,686,727 shares of the company’s stock valued at $48,643,000 after buying an additional 1,127,427 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.