Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 1.8% during mid-day trading on Friday . The company traded as low as $9.40 and last traded at $9.73. 15,268,598 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 35,817,813 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

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 Stock Down 2.3 %

The company’s fifty day moving average price is $9.26 and its two-hundred day moving average price is $3.67. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -33.38 and a beta of 2.83.

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC lifted its stake 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 acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd acquired a new position in Quantum Computing during the third quarter worth $46,000. Finally, Geode Capital Management LLC grew its position in Quantum Computing by 10.5% in the third 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 in the last quarter. Institutional investors and hedge funds 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.