Quantum Computing (NASDAQ:QUBT) Shares Down 4.8% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 4.8% during trading on Monday . The company traded as low as $9.37 and last traded at $9.88. Approximately 6,744,386 shares were traded during trading, a decline of 82% from the average daily volume of 37,447,160 shares. The stock had previously closed at $10.38.

Analyst Ratings Changes

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 Price Performance

The company has a market capitalization of $1.28 billion, a PE ratio of -34.31 and a beta of 2.75. The stock’s 50 day simple moving average is $11.68 and its 200-day simple moving average is $4.78.

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

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently bought and sold shares of the business. XTX Topco Ltd purchased a new stake in Quantum Computing during the third quarter worth approximately $46,000. Geode Capital Management LLC raised its stake in 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 acquiring an additional 65,486 shares during the last quarter. Virtu Financial LLC raised its stake in shares of 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 purchasing an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in shares of Quantum Computing in the 4th quarter worth $209,000. Finally, Diversify Wealth Management LLC acquired a new stake in Quantum Computing in the fourth quarter valued at about $331,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.