Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 2% on Friday . The company traded as low as $17.63 and last traded at $18.86. Approximately 31,893,875 shares traded hands during mid-day trading, an increase of 219% from the average daily volume of 10,008,166 shares. The stock had previously closed at $19.24.

Analyst Ratings Changes

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

Quantum Computing Price Performance

The firm has a market capitalization of $2.16 billion, a PE ratio of -62.55 and a beta of 3.07. The company has a 50-day moving average price of $6.26 and a 200 day moving average price of $2.59.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC increased its position in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing in the 3rd quarter worth $46,000. Finally, Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the last quarter. 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.