Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% on Insider Selling

Quantum Computing Inc. (NASDAQ:QUBT) traded down 6.2% on Wednesday following insider selling activity. The company traded as low as $8.05 and last traded at $7.95. 7,766,404 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 15,820,001 shares. The stock had previously closed at $8.48.

Specifically, insider Yuping Huang sold 200,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company’s stock, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Quantum Computing Stock Down 0.9 %

The firm’s fifty day simple moving average is $8.04 and its 200-day simple moving average is $6.54. The company has a market cap of $1.09 billion, a PE ratio of -27.38 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results 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 company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same period last year, the firm earned ($0.09) earnings per share.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing during the 4th quarter valued at $69,613,000. Anson Funds Management LP purchased a new stake in Quantum Computing during the fourth quarter valued at about $70,006,000. Vanguard Group Inc. increased its stake in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in shares of Quantum Computing in the 4th quarter worth about $13,953,000. Finally, Geode Capital Management LLC lifted its stake in shares of Quantum Computing by 11.0% in the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock valued at $12,627,000 after purchasing an additional 75,380 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.