Quantum Computing (NASDAQ:QUBT) Trading Down 3% on Insider Selling

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 3% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $19.18 and last traded at $20.58. Approximately 22,060,856 shares changed hands during trading, an increase of 4% from the average daily volume of 21,165,691 shares. The stock had previously closed at $21.22.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on QUBT. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets increased their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, June 6th.

Quantum Computing Stock Performance

The company’s fifty day simple moving average is $10.35 and its 200-day simple moving average is $9.90. The company 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 released its quarterly earnings data 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 firm had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the previous year, the company posted ($0.09) EPS.

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hollencrest Capital Management boosted its position in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after purchasing an additional 1,500 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in Quantum Computing during the fourth quarter valued at about $30,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the 4th quarter worth approximately $33,000. IFP Advisors Inc purchased a new position in shares of Quantum Computing in the 4th quarter worth approximately $33,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock worth $2,610,000 after buying an additional 2,280 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

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.