Quantum Computing (NASDAQ:QUBT) Shares Down 6.2% Following Insider Selling

Quantum Computing Inc. (NASDAQ:QUBT) was down 6.2% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $8.05 and last traded at $7.95. Approximately 7,766,404 shares traded hands during trading, a decline of 51% from the average daily volume of 15,820,001 shares. The stock had previously closed at $8.48.

Specifically, insider Yuping Huang sold 200,000 shares of the company’s stock in a transaction that occurred on 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. This represents a 0.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Quantum Computing Stock Down 6.2 %

The business’s 50 day moving average is $8.17 and its 200 day moving average is $6.52. The company has a market cap of $1.09 billion, a P/E ratio of -27.42 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share 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 analysts’ expectations of $0.20 million. During the same period in the prior year, the business earned ($0.09) EPS.

Hedge Funds Weigh In On Quantum Computing

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