Quantum Computing (NASDAQ:QUBT) Shares Down 2.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 2.7% on Wednesday . The stock traded as low as $9.72 and last traded at $9.92. 5,533,097 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 41,167,211 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

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

Quantum Computing Stock Up 3.8 %

The firm has a fifty day simple moving average of $11.59 and a 200-day simple moving average of $4.65. The company has a market capitalization of $1.34 billion, a P/E ratio of -35.79 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $0.10 million during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in 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 purchasing an additional 65,486 shares in the last quarter. UNICOM Systems Inc. acquired a new position in shares of Quantum Computing during the 4th quarter worth approximately $5,707,000. Focus Financial Network Inc. acquired a new position in shares of Quantum Computing during the 4th quarter worth approximately $1,536,000. Heck Capital Advisors LLC acquired a new position in shares of Quantum Computing during the 4th quarter worth approximately $1,255,000. Finally, XTX Topco Ltd acquired a new position in shares of Quantum Computing during the 3rd quarter worth approximately $46,000. 4.26% of the stock is currently owned by institutional investors.

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.