Quantum Computing (NASDAQ:QUBT) Shares Down 6% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 6% during trading on Wednesday . The stock traded as low as $16.31 and last traded at $17.09. 26,601,416 shares changed hands during mid-day trading, an increase of 171% from the average session volume of 9,805,435 shares. The stock had previously closed at $18.19.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted 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 Price Performance

The stock has a 50-day moving average price of $5.56 and a 200-day moving average price of $2.37. The firm has a market capitalization of $2.03 billion, a PE ratio of -58.93 and a beta of 3.07.

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

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC increased its holdings in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the period. XTX Topco Ltd acquired a new position in Quantum Computing during the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC grew its position in 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 purchasing 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.