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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 7.3% on Thursday following a weaker than expected earnings announcement. The stock 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 analysts’ consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period last year, the business earned ($0.09) earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $30,000. Archer Investment Corp acquired a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. IFP Advisors Inc acquired a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. Finally, Virtu Financial LLC grew its position in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Price Performance

The stock has a market capitalization of $1.01 billion, a PE ratio of -25.48 and a beta of 3.26. The stock’s 50-day moving average is $8.10 and its 200 day moving average is $6.33.

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.