Quantum Computing (NASDAQ:QUBT) Shares Down 1.2% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 1.2% on Tuesday . The stock traded as low as $6.86 and last traded at $6.91. Approximately 2,193,599 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 16,458,240 shares. The stock had previously closed at $6.99.

Quantum Computing Price Performance

The stock has a market cap of $879.74 million, a P/E ratio of -22.10 and a beta of 3.00. The stock has a 50-day simple moving average of $6.95 and a 200-day simple moving average of $7.28.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the prior year, the business posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 31.10% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers bought a new stake in shares of Quantum Computing in the 1st quarter valued at $28,000. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $30,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing in the fourth quarter valued at about $33,000. IFP Advisors Inc purchased a new stake in Quantum Computing in the 4th quarter valued at about $33,000. Finally, Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 4.26% of the company's stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.