Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.8% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) fell 1.8% during mid-day trading on Thursday . The company traded as low as $7.68 and last traded at $7.86. 4,441,578 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 15,871,309 shares. The stock had previously closed at $8.01.

Quantum Computing Price Performance

The stock has a market cap of $1.16 billion, a P/E ratio of -29.14 and a beta of 3.26. The stock’s fifty day simple moving average is $8.01 and its 200-day simple moving average is $6.59.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period in the prior year, the company earned ($0.09) EPS.

Insider Buying and Selling

In other news, insider Yuping Huang sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 31.10% of the company’s stock.

Institutional Trading of Quantum Computing

Several hedge funds have recently added to or reduced their stakes in the business. UNICOM Systems Inc. bought a new position in shares of Quantum Computing in the fourth quarter worth $5,707,000. SBI Securities Co. Ltd. bought a new position in Quantum Computing in the 4th quarter valued at about $1,602,000. Farther Finance Advisors LLC acquired a new position in Quantum Computing during the 4th quarter valued at about $33,000. SG Americas Securities LLC acquired a new position in Quantum Computing during the 4th quarter valued at about $626,000. Finally, Virtu Financial LLC lifted its stake in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the period. Institutional investors 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.