Quantum Computing (NASDAQ:QUBT) Stock Price Down 2.7% – Here’s What Happened

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

Analysts Set New Price Targets

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

Quantum Computing Stock Down 0.1 %

The firm has a market capitalization of $1.31 billion, a P/E ratio of -35.10 and a beta of 2.83. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $4.58.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results 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

Large investors have recently modified their holdings of the stock. SRH Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter valued at $69,000. UNICOM Systems Inc. purchased a new position in Quantum Computing in the 4th quarter worth about $5,707,000. Essex Financial Services Inc. acquired a new stake in Quantum Computing during the 4th quarter worth about $174,000. Focus Financial Network Inc. purchased a new stake in Quantum Computing during the fourth quarter valued at about $1,536,000. Finally, Archer Investment Corp acquired a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. 4.26% of the stock is 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.