Quantum Computing (NASDAQ:QUBT) Shares Down 3.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 3.3% during trading on Tuesday . The company traded as low as $9.60 and last traded at $9.61. 5,248,243 shares changed hands during trading, a decline of 88% from the average session volume of 42,767,695 shares. The stock had previously closed at $9.94.

Analyst Ratings Changes

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

Quantum Computing Trading Down 1.3 %

The firm has a market capitalization of $1.29 billion, a P/E ratio of -34.48 and a beta of 2.83. The firm has a 50 day moving average price of $11.49 and a 200-day moving average price of $4.62.

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

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. XTX Topco Ltd bought a new position in Quantum Computing during the 3rd quarter worth about $46,000. Geode Capital Management LLC boosted 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 valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. Virtu Financial LLC grew its stake in 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 last quarter. Sovereign Financial Group Inc. bought a new position in Quantum Computing in the fourth quarter worth about $209,000. Finally, Diversify Wealth Management LLC purchased a new stake in shares of Quantum Computing during the fourth quarter valued at about $331,000. 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.