Quantum Computing (NASDAQ:QUBT) Shares Down 4.8% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 4.8% during mid-day trading on Monday . The company traded as low as $9.37 and last traded at $9.88. Approximately 6,744,386 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 37,447,160 shares. The stock had previously closed at $10.38.

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 note on Wednesday, November 13th.

Quantum Computing Stock Down 4.1 %

The company has a market cap of $1.28 billion, a price-to-earnings ratio of -34.31 and a beta of 2.75. The company has a fifty day simple moving average of $11.68 and a two-hundred day simple moving average of $4.78.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The business had revenue of $0.10 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of QUBT. XTX Topco Ltd purchased a new position in Quantum Computing during the third quarter worth $46,000. Geode Capital Management LLC increased its position in Quantum Computing by 10.5% during 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. Virtu Financial LLC raised 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 last quarter. Sovereign Financial Group Inc. purchased a new position in Quantum Computing in the 4th quarter valued at about $209,000. Finally, Diversify Wealth Management LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $331,000. Hedge funds and other institutional investors 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.