Quantum Computing (NASDAQ:QUBT) Trading Down 49.9% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 49.9% on Wednesday . The company traded as low as $8.75 and last traded at $8.77. Approximately 41,058,118 shares were traded during trading, an increase of 26% from the average daily volume of 32,686,193 shares. The stock had previously closed at $17.49.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Performance

The firm’s 50 day simple moving average is $9.26 and its 200-day simple moving average is $3.67. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -30.97 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

A number of large investors have recently bought and sold shares of the business. Virtu Financial LLC boosted its holdings 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 acquiring an additional 47,880 shares during the period. Geode Capital Management LLC lifted its stake 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 buying an additional 65,486 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Quantum Computing in the 3rd quarter valued at $46,000. 4.26% of the stock is currently owned by institutional investors.

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.