Quantum Computing (NASDAQ:QUBT) Stock Price Down 43.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 43.3% during mid-day trading on Thursday . The stock traded as low as $8.50 and last traded at $9.91. 75,013,234 shares were traded during trading, an increase of 87% from the average session volume of 40,191,684 shares. The stock had previously closed at $17.49.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their target price on shares of 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 $9.26 and a two-hundred day moving average price of $3.67. The stock has a market cap of $1.16 billion, a PE ratio of -30.97 and a beta of 2.83.

Institutional Trading of Quantum Computing

Several hedge funds have recently modified their holdings of the company. Virtu Financial LLC increased its stake in Quantum Computing by 377.7% during the third 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 last quarter. Geode Capital Management LLC increased 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 valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Quantum Computing during the 3rd quarter valued at $46,000. 4.26% of the stock is owned by hedge funds and other 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.