Quantum Computing (NASDAQ:QUBT) Trading Down 4.5% - Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was down 4.5% during trading on Wednesday . The company traded as low as $6.46 and last traded at $6.52. Approximately 1,645,418 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 16,471,801 shares. The stock had previously closed at $6.83.

Quantum Computing Stock Performance

The company's fifty day moving average is $6.95 and its two-hundred day moving average is $7.33. The company has a market cap of $879.74 million, a price-to-earnings ratio of -22.10 and a beta of 3.00.

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

Insider Activity

In related news, insider Yuping Huang sold 200,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 31.10% of the company's stock.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $69,613,000. Anson Funds Management LP purchased a new position in shares of Quantum Computing during the 4th quarter worth $70,006,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing in the 4th quarter valued at about $13,953,000. Finally, Geode Capital Management LLC lifted its position in Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock valued at $12,627,000 after buying an additional 75,380 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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.