Quantum Computing (NASDAQ:QUBT) Shares Down 7.3% Following Weak Earnings

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 7.3% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $7.69 and last traded at $7.76. 12,364,477 shares were traded during mid-day 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) 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 the consensus estimate of $0.20 million. During the same quarter last year, the company posted ($0.09) earnings per share.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. bought a new stake in Quantum Computing during the 4th quarter valued at approximately $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing in the fourth quarter valued at approximately $70,006,000. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in Quantum Computing during the fourth quarter worth $13,953,000. Finally, Geode Capital Management LLC increased its position in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after acquiring an additional 75,380 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Stock Performance

The stock has a market capitalization of $1.01 billion, a P/E ratio of -25.48 and a beta of 3.26. The business’s fifty day simple moving average is $8.10 and its two-hundred day simple moving average is $6.33.

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.