Quantum Computing (NASDAQ:QUBT) Stock Price Down 6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 6% during mid-day trading on Tuesday . The company traded as low as $7.46 and last traded at $7.48. 5,517,757 shares changed hands during trading, a decline of 82% from the average session volume of 30,314,555 shares. The stock had previously closed at $7.95.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their price target 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 Trading Down 7.2 %

The business has a 50-day moving average price of $12.09 and a 200-day moving average price of $5.46. The firm has a market cap of $1.01 billion, a P/E ratio of -25.45 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in QUBT. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter valued at about $46,000. Geode Capital Management LLC boosted its position in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. Virtu Financial LLC boosted its position in 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 purchasing an additional 47,880 shares in the last quarter. Sovereign Financial Group Inc. bought a new stake in Quantum Computing during the fourth quarter valued at about $209,000. Finally, Diversify Wealth Management LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $331,000. 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.