Quantum Computing (NASDAQ:QUBT) Trading Down 6.4% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 6.4% during trading on Thursday . The company traded as low as $7.11 and last traded at $7.35. 4,535,283 shares were traded during mid-day trading, a decline of 72% from the average session volume of 16,145,709 shares. The stock had previously closed at $7.85.

Quantum Computing Trading Up 4.0 %

The stock has a market cap of $929.15 million, a P/E ratio of -23.34 and a beta of 2.99. The firm has a 50-day simple moving average of $7.68 and a two-hundred day simple moving average of $6.92.

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

Insider Activity

In related news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the transaction, the insider now owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This trade represents a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 31.10% of the stock is owned by company insiders.

Institutional Trading of Quantum Computing

Several large investors have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter worth $46,000. Geode Capital Management LLC boosted its stake in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock valued at $449,000 after buying an additional 65,486 shares in the last quarter. Virtu Financial LLC grew its position in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new position in Quantum Computing during the fourth quarter worth about $209,000. Finally, Diversify Wealth Management LLC bought a new position in shares of Quantum Computing in the fourth quarter worth about $331,000. Institutional investors and hedge funds own 4.26% of the company's stock.

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.