Quantum Computing (NASDAQ:QUBT) Shares Down 3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 3% on Monday . The stock traded as low as $7.99 and last traded at $8.20. Approximately 10,477,324 shares were traded during trading, a decline of 35% from the average daily volume of 16,023,934 shares. The stock had previously closed at $8.45.

Quantum Computing Stock Performance

The firm has a market cap of $1.10 billion, a PE ratio of -27.63 and a beta of 3.26. The stock has a 50 day simple moving average of $8.01 and a two-hundred day simple moving average of $6.68.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results 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 business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous 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 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 transaction, the insider now owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 31.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $30,000. Archer Investment Corp acquired a new position in shares of Quantum Computing during the fourth quarter valued at approximately $33,000. IFP Advisors Inc purchased a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the fourth quarter worth approximately $33,000. Finally, Virtu Financial LLC boosted its stake in shares of Quantum Computing by 377.7% in the third 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 last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.