Quantum Computing (NASDAQ:QUBT) Shares Down 43.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 43.3% during trading on Thursday . The stock traded as low as $8.50 and last traded at $9.91. 75,013,234 shares were traded during trading, an increase of 87% from the average session volume of 40,191,684 shares. The stock had previously closed at $17.49.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their price objective on shares of 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 Trading Down 9.4 %

The company has a market cap of $1.16 billion, a P/E ratio of -30.97 and a beta of 2.83. The company has a 50-day simple moving average of $9.26 and a 200 day simple moving average of $3.67.

Institutional Trading of Quantum Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC raised its position in Quantum Computing by 377.7% during 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 in the last quarter. Geode Capital Management LLC raised its holdings 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 acquiring an additional 65,486 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Quantum Computing in the third quarter worth about $46,000. 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.