Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% After Earnings Miss

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 7.3% on Thursday following a weaker than expected earnings announcement. The stock traded as low as $7.69 and last traded at $7.76. 12,364,477 shares were traded during trading, a decline of 20% from the average session volume of 15,465,763 shares. The stock had previously closed at $8.37.

The company reported ($0.47) earnings per share 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 analysts’ expectations of $0.20 million. During the same period in the prior year, the company posted ($0.09) EPS.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at $30,000. Archer Investment Corp purchased a new position in Quantum Computing in the fourth quarter valued at about $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing in the fourth quarter worth $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth about $33,000. Finally, Virtu Financial LLC lifted its holdings in Quantum Computing by 377.7% during the 3rd 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. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Price Performance

The company has a 50 day moving average of $8.10 and a 200-day moving average of $6.33. The stock has a market capitalization of $1.01 billion, a P/E ratio of -25.48 and a beta of 3.26.

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.