Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 1.8% on Friday . The company traded as low as $9.40 and last traded at $9.73. Approximately 15,268,598 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 35,817,813 shares. The stock had previously closed at $9.91.

Analyst Ratings Changes

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

Quantum Computing Price Performance

The company’s 50-day simple moving average is $9.26 and its 200-day simple moving average is $3.67. The stock has a market capitalization of $1.25 billion, a P/E ratio of -33.38 and a beta of 2.83.

Institutional Trading of Quantum Computing

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