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

Quantum Computing Inc. (NASDAQ:QUBT) shares gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $21.22, but opened at $19.87. Quantum Computing shares last traded at $19.98, with a volume of 8,236,469 shares.

Specifically, CFO Christopher Boehmler sold 46,440 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total transaction of $928,800.00. Following the completion of the sale, the chief financial officer now directly owns 351,152 shares of the company’s stock, valued at approximately $7,023,040. This represents a 11.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher Boehmler sold 83,495 shares of the company’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $19.92, for a total transaction of $1,663,220.40. Following the sale, the chief financial officer now directly owns 47,565 shares of the company’s stock, valued at approximately $947,494.80. This trade represents a 63.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Christopher Boehmler sold 96,679 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the completion of the sale, the chief financial officer now directly owns 131,060 shares of the company’s stock, valued at approximately $2,091,717.60. This represents a 42.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on QUBT. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets upped their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, June 6th.

Quantum Computing Price Performance

The firm’s fifty day moving average price is $10.35 and its 200-day moving average price is $9.90. The firm has a market capitalization of $2.79 billion, a P/E ratio of -41.23 and a beta of 3.85.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the fourth quarter worth approximately $69,613,000. Anson Funds Management LP acquired a new position in Quantum Computing in the fourth quarter worth approximately $70,006,000. Vanguard Group Inc. grew its position in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing in the first quarter worth approximately $7,084,000. Finally, Rockefeller Capital Management L.P. acquired a new position in Quantum Computing in the fourth quarter worth approximately $13,953,000. 4.26% of the stock is currently owned by 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.