Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) fell 6.2% on Tuesday . The company traded as low as $6.33 and last traded at $6.44. 4,848,760 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 28,449,635 shares. The stock had previously closed at $6.86.

Analyst Ratings Changes

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

Quantum Computing Price Performance

The company has a fifty day moving average of $12.08 and a 200 day moving average of $5.66. The firm has a market capitalization of $901.25 million, a P/E ratio of -22.63 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC bought a new stake in Quantum Computing in the fourth quarter worth approximately $30,000. Archer Investment Corp bought a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. Farther Finance Advisors LLC acquired a new position in shares of Quantum Computing during the 4th quarter valued at $33,000. Finally, Virtu Financial LLC boosted its stake 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 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.