Quantum Computing (NASDAQ:QUBT) Shares Down 5.1% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 5.1% on Tuesday . The company traded as low as $11.27 and last traded at $11.68. Approximately 33,750,377 shares traded hands during mid-day trading, an increase of 98% from the average daily volume of 17,021,629 shares. The stock had previously closed at $12.31.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Northland Securities assumed coverage on Quantum Computing in a research report on Monday, April 20th. They set an “outperform” rating and a $20.00 price target on the stock. Wall Street Zen raised Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. Cantor Fitzgerald cut their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Four analysts have rated the stock with 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 currently has an average rating of “Hold” and a consensus price target of $17.50.

Quantum Computing Price Performance

The stock has a market cap of $2.76 billion, a PE ratio of -43.71 and a beta of 3.70. The business has a 50 day moving average price of $8.81 and a two-hundred day moving average price of $9.87.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data 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 company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, sell-side analysts forecast that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Quantum Computing

In other news, CFO Christopher Bruce Roberts sold 9,360 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $7.85, for a total transaction 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 represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. FWL Investment Management LLC bought a new position in shares of Quantum Computing during the second quarter valued at approximately $33,000. New Millennium Group LLC bought a new position in shares of Quantum Computing during the third quarter valued at approximately $36,000. Strs Ohio bought a new position in shares of Quantum Computing during the third quarter valued at approximately $39,000. Triumph Capital Management bought a new position in shares of Quantum Computing during the third quarter valued at approximately $45,000. Finally, Aventura Private Wealth LLC bought a new position in shares of Quantum Computing during the fourth quarter valued at approximately $26,000. 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.