Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% on Disappointing Earnings

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 7.3% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $7.69 and last traded at $7.76. 12,364,477 shares were traded during trading, a decline of 20% from the average session volume of 15,465,763 shares. The stock had previously closed at $8.37.

The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the previous year, the firm posted ($0.09) EPS.

Institutional Trading of Quantum Computing

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC bought a new stake in Quantum Computing during the 4th quarter valued at approximately $30,000. IFP Advisors Inc bought a new position in Quantum Computing during the fourth quarter worth about $33,000. Farther Finance Advisors LLC acquired a new position in Quantum Computing during the fourth quarter worth $33,000. Archer Investment Corp acquired a new position in Quantum Computing in the fourth quarter valued at about $33,000. Finally, Hollencrest Capital Management bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $41,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Price Performance

The business has a 50 day simple moving average of $8.10 and a 200 day simple moving average of $6.33. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -25.48 and a beta of 3.26.

About Quantum Computing

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.