Quantum Computing (NASDAQ:QUBT) Trading Down 6.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 6.4% during mid-day trading on Thursday . The company traded as low as $7.11 and last traded at $7.35. Approximately 4,535,283 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 16,145,709 shares. The stock had previously closed at $7.85.

Quantum Computing Trading Down 14.0 %

The firm has a fifty day moving average price of $7.68 and a 200 day moving average price of $6.83. The firm has a market capitalization of $893.46 million, a price-to-earnings ratio of -22.45 and a beta of 2.99.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted ($0.09) EPS.

Insiders Place Their Bets

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the 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 directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This trade represents a 0.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On 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 3rd quarter worth about $46,000. Geode Capital Management LLC raised its stake in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the last quarter. Virtu Financial LLC raised its stake in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new position in Quantum Computing in the fourth quarter valued at approximately $209,000. Finally, Diversify Wealth Management LLC bought a new position in Quantum Computing in the fourth quarter valued at approximately $331,000. 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.