Quantum Computing (NASDAQ:QUBT) Shares Down 3.6% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 3.6% during mid-day trading on Thursday . The stock traded as low as $9.52 and last traded at $9.51. 7,146,630 shares changed hands during trading, a decline of 80% from the average session volume of 35,086,887 shares. The stock had previously closed at $9.87.

Wall Street Analysts Forecast Growth

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

Quantum Computing Trading Down 3.0 %

The stock has a market capitalization of $1.27 billion, a P/E ratio of -32.00 and a beta of 2.75. The company has a fifty day simple moving average of $11.90 and a two-hundred day simple moving average of $4.98.

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

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new stake in Quantum Computing in the third quarter worth $46,000. Geode Capital Management LLC lifted its holdings in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of Quantum Computing by 377.7% in 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 in the last quarter. Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing in the fourth quarter worth about $209,000. Finally, Diversify Wealth Management LLC acquired a new stake in shares of Quantum Computing during the fourth quarter worth about $331,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.