Quantum Computing (NASDAQ:QUBT) Trading Down 8.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 8.4% during trading on Friday . The stock traded as low as $8.30 and last traded at $8.2780. Approximately 3,372,234 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 15,075,247 shares. The stock had previously closed at $9.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Rosenblatt Securities began coverage on shares of Quantum Computing in a report on Thursday, January 15th. They issued a “buy” rating and a $22.00 price target on the stock. Wall Street Zen upgraded Quantum Computing from a “sell” rating to a “hold” rating in a research report on Sunday, February 15th. Ascendiant Capital Markets reduced their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Lake Street Capital lowered their price objective on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a research note on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Quantum Computing has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Quantum Computing Stock Down 9.8%

The company has a market cap of $1.83 billion, a price-to-earnings ratio of -13.40 and a beta of 3.44. The company’s fifty day moving average price is $10.35 and its two-hundred day moving average price is $13.70.

Insider Buying and Selling

In other news, COO Milan Begliarbekov sold 2,860 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total value of $33,891.00. Following the transaction, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at $287,244. This represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 19.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the 3rd quarter worth approximately $123,014,000. Marex Group plc increased its position in Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after acquiring an additional 5,945,679 shares during the period. Vanguard Group Inc. increased its position in Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares during the period. Ghisallo Capital Management LLC acquired a new stake in Quantum Computing in the 3rd quarter worth about $74,194,000. Finally, Defiance ETFs LLC bought a new stake in Quantum Computing in the 4th quarter valued at about $33,071,000. 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.