Quantum Computing (NASDAQ:QUBT) Shares Down 1.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 1.2% on Thursday . The company traded as low as $10.01 and last traded at $10.01. Approximately 5,292,840 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 39,555,637 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

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 report on Wednesday, November 13th.

Quantum Computing Trading Up 3.8 %

The business has a 50-day moving average price of $11.68 and a 200 day moving average price of $4.72. The stock has a market cap of $1.34 billion, a PE ratio of -35.79 and a beta of 2.83.

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

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. UNICOM Systems Inc. bought a new position in shares of Quantum Computing in the fourth quarter worth $5,707,000. Focus Financial Network Inc. purchased a new stake in Quantum Computing during the 4th quarter worth about $1,536,000. Heck Capital Advisors LLC bought a new position in Quantum Computing in the 4th quarter worth about $1,255,000. XTX Topco Ltd purchased a new position in Quantum Computing during the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC increased its position in shares of 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 buying an additional 65,486 shares during the period. 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.