Quantum Computing (NASDAQ:QUBT) Stock Price Down 8.4% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 8.4% during trading on Friday . The company traded as low as $8.30 and last traded at $8.2780. Approximately 3,372,234 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 15,075,247 shares. The stock had previously closed at $9.04.

Wall Street Analyst Weigh In

Several research firms have issued reports on QUBT. Wedbush initiated coverage on Quantum Computing in a research report on Wednesday, December 17th. They set a “neutral” rating and a $12.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Lake Street Capital reduced their target price on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 17th. Ascendiant Capital Markets decreased their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, December 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 price target on shares of Quantum Computing in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Quantum Computing Price Performance

The company has a market capitalization of $1.88 billion, a PE ratio of -13.79 and a beta of 3.44. The stock has a 50-day simple moving average of $10.30 and a 200 day simple moving average of $13.63.

Insider Buying and Selling

In other Quantum Computing news, COO Milan Begliarbekov sold 2,860 shares of Quantum Computing stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total transaction of $33,891.00. Following the completion of the transaction, the chief operating officer owned 24,240 shares in the company, valued at approximately $287,244. The trade was a 10.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares in the last quarter. Marex Group plc lifted its position in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after acquiring an additional 5,945,679 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing during the third quarter valued at $123,014,000. Anson Funds Management LP boosted its stake in shares of Quantum Computing by 14.9% during the third quarter. Anson Funds Management LP now owns 5,373,455 shares of the company’s stock valued at $98,925,000 after acquiring an additional 695,092 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after purchasing an additional 1,428,120 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Company Profile

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.