Quantum Computing (NASDAQ:QUBT) Stock Price Down 12.4% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 12.4% during mid-day trading on Friday . The company traded as low as $6.50 and last traded at $6.63. 4,606,517 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 16,183,008 shares. The stock had previously closed at $7.57.

Quantum Computing Trading Down 14.0 %

The company’s 50 day moving average is $7.76 and its 200-day moving average is $6.79. 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) 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 analyst estimates of $0.20 million. During the same period last year, the firm earned ($0.09) earnings per share.

Insider Buying and Selling at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the sale, the insider now owns 24,051,256 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. XTX Topco Ltd acquired a new stake in Quantum Computing during the third quarter worth approximately $46,000. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. Virtu Financial LLC boosted 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 buying an additional 47,880 shares in the last quarter. Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing during the fourth quarter worth $209,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $331,000. 4.26% of the stock is owned by institutional investors.

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.