Quantum Computing (NASDAQ:QUBT) Shares Down 5.4% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 5.4% during trading on Tuesday . The stock traded as low as $11.37 and last traded at $11.65. Approximately 10,192,730 shares were traded during trading, a decline of 39% from the average daily volume of 16,766,051 shares. The stock had previously closed at $12.31.

Wall Street Analyst Weigh In

QUBT has been the topic of a number of research reports. Cantor Fitzgerald lowered their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research report on Friday, March 27th. Northland Securities began coverage on shares of Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Four investment 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 MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $17.50.

Quantum Computing Stock Performance

The company has a market cap of $2.63 billion, a PE ratio of -41.71 and a beta of 3.70. The stock’s 50-day simple moving average is $8.65 and its 200 day simple moving average is $9.90.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. On average, sell-side analysts predict 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 the 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 owned 1,132,398 shares in the company, valued at approximately $8,889,324.30. This represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.30% of the stock is owned by corporate insiders.

Institutional Trading of Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Quantum Computing by 38.1% in the fourth 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. Marex Group plc raised its holdings 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 purchasing an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing during the third quarter worth $123,014,000. Anson Funds Management LP grew its holdings in Quantum Computing by 14.9% in the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after purchasing an additional 695,092 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Quantum Computing by 45.5% during the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after buying an additional 1,428,120 shares during 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.