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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) 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 trading hands.

Specifically, CFO Christopher Boehmler sold 46,440 shares of the 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 completion of the sale, the chief financial officer now owns 351,152 shares in the company, valued at $7,023,040. This trade represents a 11.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Christopher Boehmler sold 83,495 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $19.92, for a total transaction of $1,663,220.40. Following the completion of the sale, the chief financial officer now owns 47,565 shares of the company’s stock, valued at $947,494.80. The trade was a 63.71% decrease in their position. The disclosure for this sale can be found here. In other Quantum Computing news, CFO Christopher Boehmler sold 96,679 shares of the firm’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 completion of the sale, the chief financial officer now owns 131,060 shares in the company, valued at approximately $2,091,717.60. This trade represents a 42.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, June 6th.

Quantum Computing Trading Down 3.5%

The company has a market cap of $2.69 billion, a P/E ratio of -39.77 and a beta of 3.85. The firm’s 50 day moving average price is $10.59 and its 200-day moving average price is $9.96.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.18. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million.

Institutional Inflows and Outflows

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