Quantum Computing (NASDAQ:QUBT) Trading Down 6.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 6.2% during mid-day trading on Wednesday . The stock traded as low as $11.39 and last traded at $11.1860. 11,771,844 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 17,684,434 shares. The stock had previously closed at $11.93.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday, December 29th. Ascendiant Capital Markets decreased their target price on Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Lake Street Capital dropped their price objective on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Finally, Rosenblatt Securities assumed coverage on shares of Quantum Computing in a research note on Thursday, January 15th. They set a “buy” rating and a $22.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Quantum Computing presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Quantum Computing Stock Performance

The stock’s 50 day moving average price is $11.57 and its 200-day moving average price is $15.17. The company has a market cap of $2.61 billion, a PE ratio of -19.08 and a beta of 3.49.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million during the quarter, compared to the consensus estimate of $0.12 million.

Insider Activity

In other news, COO Milan Begliarbekov sold 2,860 shares of Quantum Computing stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total value of $33,891.00. Following the completion of the sale, the chief operating officer directly owned 24,240 shares in the company, valued at $287,244. The trade was a 10.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the business. Modera Wealth Management LLC bought a new position in Quantum Computing during the fourth quarter valued at approximately $880,000. Flagship Harbor Advisors LLC boosted its stake in shares of Quantum Computing by 15.4% during the 4th quarter. Flagship Harbor Advisors LLC now owns 26,240 shares of the company’s stock worth $269,000 after purchasing an additional 3,507 shares during the period. Newbridge Financial Services Group Inc. raised its position in Quantum Computing by 75.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 10,197 shares of the company’s stock worth $105,000 after purchasing an additional 4,374 shares during the period. Signaturefd LLC boosted its position in shares of Quantum Computing by 36.5% during the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after buying an additional 1,000 shares during the period. Finally, Savvy Advisors Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at approximately $131,000. 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.