Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 6.2% on Tuesday . The stock traded as low as $6.33 and last traded at $6.44. 4,848,760 shares changed hands during trading, a decline of 83% from the average session volume of 28,449,635 shares. The stock had previously closed at $6.86.

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 report on Wednesday, November 13th.

Quantum Computing Stock Performance

The firm’s fifty day moving average is $12.08 and its 200-day moving average is $5.66. The company has a market capitalization of $901.25 million, a P/E ratio of -22.63 and a beta of 2.75.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. XTX Topco Ltd bought a new position in Quantum Computing in the third quarter valued at about $46,000. Geode Capital Management LLC raised its holdings in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the last quarter. Virtu Financial LLC raised its holdings in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after buying an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing during the 4th quarter worth approximately $209,000. Finally, Diversify Wealth Management LLC bought a new stake in Quantum Computing during the 4th quarter worth approximately $331,000. 4.26% of the stock is currently 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.