Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.8% After Insider Selling

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 2.8% on Thursday following insider selling activity. The stock traded as low as $18.15 and last traded at $18.44. 33,013,997 shares were traded during trading, an increase of 60% from the average session volume of 20,630,657 shares. The stock had previously closed at $18.97.

Specifically, CFO Christopher Boehmler sold 83,495 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $19.92, for a total transaction of $1,663,220.40. Following the completion of the sale, the chief financial officer now owns 47,565 shares in the company, valued at approximately $947,494.80. This represents a 63.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the completion of the transaction, the chief financial officer now directly owns 131,060 shares of the company’s stock, valued at approximately $2,091,717.60. This trade represents a 42.45% decrease in their position. The disclosure for this sale can be found here. In related news, CFO Christopher Boehmler sold 92,271 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $15.00, for a total transaction of $1,384,065.00. Following the sale, the chief financial officer now directly owns 227,739 shares in the company, valued at $3,416,085. This represents a 28.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QUBT. Ascendiant Capital Markets raised their price target on Quantum Computing from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd.

Quantum Computing Price Performance

The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -60.38 and a beta of 3.85. The firm’s fifty day moving average price is $9.58 and its 200-day moving average price is $9.62.

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 firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Alyeska Investment Group L.P. bought a new position in Quantum Computing in the 4th quarter valued at $69,613,000. Anson Funds Management LP bought a new position in shares of Quantum Computing during the fourth quarter valued at about $70,006,000. Vanguard Group Inc. increased its position in shares of Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after buying an additional 1,906,749 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Quantum Computing in the first quarter worth about $7,084,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing in the fourth quarter worth about $13,953,000. 4.26% of the stock is currently owned by hedge funds and other 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.