Quantum Computing (NASDAQ:QUBT) Trading Down 9.5% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares traded down 9.5% during trading on Thursday . The company traded as low as $10.38 and last traded at $10.45. 66,737,379 shares traded hands during trading, an increase of 38% from the average session volume of 48,238,301 shares. The stock had previously closed at $11.55.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their target price 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 $9.86 and its 200-day simple moving average is $3.92. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -37.70 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Virtu Financial LLC grew its stake in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd acquired a new stake in Quantum Computing during the third quarter valued at approximately $46,000. Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $209,000. Diversify Wealth Management LLC acquired a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $331,000. Finally, Geode Capital Management LLC lifted its stake 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 purchasing an additional 65,486 shares during the last quarter. Hedge funds and other 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.