Quantum Computing (NASDAQ:QUBT) Shares Down 3.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 3.2% on Wednesday . The stock traded as low as $11.13 and last traded at $11.12. Approximately 20,449,636 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 48,938,191 shares. The stock had previously closed at $11.49.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their target price 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 Stock Performance

The company has a market capitalization of $1.41 billion, a P/E ratio of -37.69 and a beta of 2.83. The stock’s fifty day moving average price is $10.90 and its 200-day moving average price is $4.32.

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

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. Virtu Financial LLC raised its position in shares of Quantum Computing by 377.7% in 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 during the period. XTX Topco Ltd bought a new position in Quantum Computing in the 3rd quarter valued at about $46,000. Geode Capital Management LLC lifted 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 worth $449,000 after acquiring an additional 65,486 shares during the last quarter. Diversify Wealth Management LLC bought a new stake in shares of Quantum Computing during the fourth quarter worth approximately $331,000. Finally, Sovereign Financial Group Inc. acquired a new position in shares of Quantum Computing in the fourth quarter valued at approximately $209,000. 4.26% of the stock is 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.