Quantum Computing (NASDAQ:QUBT) Stock Price Down 6% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 6% during mid-day trading on Wednesday . The company traded as low as $16.31 and last traded at $17.09. 26,601,416 shares traded hands during trading, an increase of 171% from the average session volume of 9,805,435 shares. The stock had previously closed at $18.19.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their price target on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Stock Performance

The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -58.93 and a beta of 3.07. The company’s 50 day simple moving average is $5.56 and its 200 day simple moving average is $2.37.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Trading of Quantum Computing

Several institutional investors have recently modified their holdings of the company. Virtu Financial LLC grew its holdings in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the period. XTX Topco Ltd acquired a new position in shares of Quantum Computing in the 3rd quarter worth approximately $46,000. Finally, Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Institutional investors and hedge funds 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.