Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.8% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 1.8% on Thursday . The stock traded as low as $7.68 and last traded at $7.86. Approximately 4,441,578 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 15,871,309 shares. The stock had previously closed at $8.01.

Quantum Computing Stock Up 6.4 %

The company has a 50 day moving average of $8.01 and a two-hundred day moving average of $6.59. The firm has a market cap of $1.16 billion, a P/E ratio of -29.14 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate 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 period last year, the business posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 31.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of QUBT. UNICOM Systems Inc. acquired a new stake in Quantum Computing during the 4th quarter worth about $5,707,000. SBI Securities Co. Ltd. purchased a new position in shares of Quantum Computing in the fourth quarter worth approximately $1,602,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth approximately $33,000. SG Americas Securities LLC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $626,000. Finally, Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.