Quantum Computing (NASDAQ:QUBT) Trading Down 4.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 4.4% on Friday . The company traded as low as $9.15 and last traded at $9.15. Approximately 10,278,326 shares were traded during trading, a decline of 70% from the average daily volume of 34,401,008 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their price target 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 Trading Down 3.1 %

The company has a fifty day moving average price of $11.90 and a two-hundred day moving average price of $4.98. The firm has a market cap of $1.20 billion, a P/E ratio of -31.98 and a beta of 2.75.

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

Institutional Trading of Quantum Computing

Several large investors have recently modified their holdings of QUBT. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 10.5% during 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. UNICOM Systems Inc. bought a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $5,707,000. Mission Wealth Management LP acquired a new position in Quantum Computing during the 4th quarter worth approximately $1,986,000. Raymond James Financial Inc. acquired a new stake in Quantum Computing in the fourth quarter valued at approximately $1,924,000. Finally, SBI Securities Co. Ltd. bought a new stake in Quantum Computing during the 4th quarter worth $1,602,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.